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June 2024 saw a 3% decline in Pakistan’s textile exports on a month-over-month basis.

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July 2023–24 had a 3.09 percent decrease in textile exports from $1,311.650 million in the same month the previous year.

Tents, canvas, and tarpaulin were among the textile products that helped the trade develop. In July 2024, exports of these goods reached $10.877 million, up 14.22% from $9.523 million in the same month the previous year.

In addition, commerce in ready-made clothing increased by 7.57 percent to $295.522 million from $274.730 million, while exports of art, silk, and synthetic textiles increased by 4.12 percent to $27.245 million.

Cotton yarn saw a 42.54 percent fall in exports from $97.031 million to $55.750 million, while cotton cloth saw a 0.56 percent decrease from 140.936 million to 140.148 million. These two textile items were among those with negative growth in trade.

Similarly, the export of yarn that wasn’t cotton fell by 22.35 percent, from 3.292 million to 2.556 million; knitwear fell by 1.88 percent, from $364.541 million to $357.686 million; bed wear fell by 1.20 percent, from $216.910 million to $214.305 million; and towels fell by 3.67 percent, from $72.766 million to $70.093 million.

Made-up article exports (apart from towels and bedding) fell from $48.057 to $51.039 million, a 5.84 percent decline.

From $53.956 million to $48.897 million, the value of exports of all other textile materials fell by 9.38%.

Month over month, the country’s textile exports fell by 10.13 percent in July 2024 compared to $1,414.417 million in June 2024, according to PBS data.

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Business

With a loss of 32 paisas, the US dollar is now trading at 277 rupees on the interbank market.

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In the Interbank market, the United States dollar is currently trading at 277 rupees and 63 paise, indicating a depreciation of 32 paise. Yesterday, it reached a closing price of 277 rupees and 95 paise on the Interbank market.

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The price of gold has skyrocketed in Pakistan.

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Pakistan’s gold price recovered on Friday following a sharp drop the day before, mirroring worldwide market patterns.

According to data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold per tola rose by Rs2,000 in the local market, ending at Rs278,800.

Likewise, the cost of 10 grams of 24-karat gold increased by Rs1,715 to Rs239,026.

With an extra $20 premium, the price of gold increased by $21 on Friday to $2,683 per ounce on the global market as well.

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Business

The PSX-100 index reaches a record high and surpasses 93,000 points.

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Historically, the Pakistan Stock Exchange (PSX) exceeded the 93,000-point threshold for the first time, with the KSE-100 index increasing by 480 points to attain a record high of 93,001 points.

A significant milestone was reached on the final business day of the week, establishing a new record for the nation’s stock market.

Economists ascribe the market’s expansion to expectations of an enhanced economic rating for Pakistan and a favorable perspective on economic reforms. The session commenced positively, with the 100 index initially increasing by 250 points, reaching 92,770 points prior to the day’s zenith. The market concluded the prior day at 92,520 points.

Simultaneously, the Pakistani rupee appreciated as the dollar decreased by 20 paisa in the interbank market, now valued at 277.75 rupees. Economists attribute this enhancement to heightened remittances and a current account surplus, which have strengthened the rupee’s status.

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