Pakistan Textile_Dec'22 Textile Exports declined by 4.6% MoM, (AKD Daily, Jan 23, 2023)
AKD Daily
Pakistan Textileec’22 Textile Exports declined by 4.6% MoM
- PBS data has shown Textile exports clocking in at US$1.36bn in Dec’22, lower by 4.6%MoM mainly attributable to the decrease in the value added exports (down by 6.7% MoM). On a cumulative basis, 6MFY23 exports have clocked in at US$8.72bn, lower by 7.1%YoY.
- The sequential decrease can be attributed to industry-wide slowdown with disposable income dropping in export destinations, along with operational challenges in the form of heightened input costs and increased finance costs.
- The data indicates that exporters have had to offer lower prices in a bid to increase volumes. For instance, average prices of Knitwear during the month were down by 0.5%MoM and 3.3% lower than the 6MFY23 average realized price
- Inflationary pressures in the developed world and the resulting dip in disposable income has led to muted demand from the textile sector. We expect the challenges to continue for the reminder of the year and lead to a 10-15% export contraction in the sector.
AKD Research
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AKD Securities Ltd. caters to a diversified group of domestic and international institutional investors, high net worth individuals and upscale retail clients, including expatriate Pakistanis. With high quality research, unparalleled execution and distribution capability for both regular and large block trades, AKD Securities Ltd. has earned an outstanding reputation in the Pakistani securities industry.Outside of commercial banks, AKD Securities Ltd. is one of the biggest capital market firms in the country. AKD Securities is the leader in raising and providing risk capital in underwriting, market making and mergers and acquisitions in Pakistan. Good corporate governance and professionalism are emphasized throughout the firm and AKD Securities Ltd. is amongst the very few companies to have introduced a firm-wide comprehensive CODE of ETHICS, overseen by an independent compliance manager.Ultimately, our success is based on the quality of service we provide to our customers and the trust and confidence reposed in us by them. Our focus, therefore, remains on customer satisfaction at all levels in the company.
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