Pakistan Textiles: Sector update Apr'17
Following decent recovery in Mar'17, Pakistan's total exports in Apr'17 clocked in at US$1.805bn, higher 0.3%MoM/4.9%YoY led by surging food exports (+13.4%MoM/+19.1%YoY) to US$0.392bn. However, the textile exports declined by 3.7%MoM/0.8%YoY to US$1.025bn, where both low-value added segment (falling 4%MoM/4%YoY to US$278mn) and value added segment (down 3.6%MoM to US$747mn) were down. Consequently on a cumulative basis, 10MFY17 textile exports now stand at US$10.296bn (down 0.9%YoY) where declining low value-added exports (down 6.3%YoY) countered the 1.3%YoY growth in value added exports. Going forward, factors like 1) muted demand (due to tepid Chinese demand and economic slowdown in EU), 2) rising raw material prices (CotlookA/KCA: +13%/+10%CYTD) further aggravated by re-imposition of duty/sales tax on cotton import and 3) currency in competitiveness (PkR/US$: 0%FYTD) will continue to weigh on textile sector exports growth. However, expected relief in the form of release of pending tax and incentive refunds in the upcoming budget may lend some support to declining exports in the coming months
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