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100 new textile plants helped increase Pakistan’s exports!

As per APTMA, Pakistan witnessed a 30% YOY growth from July to Nov (2021) in exports due to the setting up of 100 new export-oriented textile industrial plants in the country. Exports will speed Pakistan to success through job creation and foreign exchange earnings.

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The All Pakistan Textile Mills Association (APTMA) credits the country’s textile sector for the increase in exports. APTMA states that the 30% increase in exports is due to the setting up of several textile industrial plants in Pakistan.

Therefore, the production of textile-related goods increased which in turn led to an increase in exports. To clarify, earlier, APTMA shared statistical data on how Pakistan’s textile exports increased.

According to the data shared by APTMA, exports for the month of November increased by 36% as compared to last year. In November 2020, Pakistan exported $ 1286 million worth of textile goods.

However, for the month of November this year, Pakistan’s textile sector raked in $ 1747 million. As a result, the overall textile exports from July till November increased from $ 6052 million to $ 7834 million. The figures show a remarkable improvement and will boost Pakistan’s economic growth.

Read more: APTMA predicts Pakistan’s textile exports to grow by $6b!

Regarding this, APTMA said in a series of tweets that the expansion of Pakistan’s textile sector helped increase exports.

“30% YOY growth July to Nov (2021) in exports is due to the setting up of 100 new export-oriented textile industrial plants in the country,” APTMA said.

APTMA also revealed further plans for the expansion of the textile sector.

“40 spinning mills of 32,000 spindles capacity, total 1.25 million spindles, 6000 Airjet looms in 40 weaving mills of 150 looms capacity, 40 processing plants of 3 million square meter capacity are in process of being set up in Pakistan which will further enhance Textile Export capacity by $6 billion next year,” APTMA said.

Loans will not help Pakistan: APTMA

Moreover, APTMA firmly stated loans will not improve Pakistan’s economic prosperity but exports will.

Important to note, Pakistan earlier received a $3 billion loan from Saudi Arabia, as part of an economic support package. According to details, the loan from Saudi Arabia will be for one year at a 4 percent interest rate under the terms of the package, which was signed last month.

While Pakistan appreciated Saudi Arabia’s financial aid which reflected “strong brotherly relations,” the loan comes with tough conditions.

For starters, the interest rate of about 4% is higher than the rate offered by the International Monetary Fund (IMF). Therefore, as per experts, the interest rate will cost Pakistan $24 billion more.

Read more: Pakistan recieves $3 Billion under support package from Saudi Arabia

Furthermore, a report carried by Express Tribune on Sunday claimed that Pakistan would have no rollover option and will have to repay the $3b loan one year after the date of deposit.

Therefore, APTMA stated that instead of loans, exports will speed Pakistan to success through job creation and foreign exchange earnings.

 

 

 

 

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