Pakistan Bureau of Statistics released the Exports data for the March-2021 where textile exports posted a growth of 30%YoY to stand at US$1.35bn. The textile exports were 9.8% higher than February-2021, marking signs of sales growth amid pandemic.
Segment-wise detail shows that value-added exports registered a rebound of 34%YoY while non-value added exports expanded by 19%YoY respectively.
The growth in non-value added segment was witnessed despite yarn exports declined by 5%MoM, however, cotton cloth exports increased by 23%MoM as local manufacturers take over Chinese market share in the US . USA had previously cancelled significant orders from China after allegations of human rights violation.
After rising in 2020, Global cotton prices have declined in March-2021. Cotton prices have lowered to December-2020 price levels after hitting their highest level in Feb-2021. The highest level achieved was 98.5 cents/lbs while it has reduced to 91.5 cents/lbs at the end of March-2021.
Local Cotton prices in Pakistan have increased to PKR12,518/40kg, marking a rise of 10.37% in March-2021 in stark contrast to Global Cotton prices.
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