Saturday, the All Pakistan Textile Mills Association (APTMA) revealed that Pakistan’s textile products will increase by $6 billion this year. APTMA revealed the news through its official Twitter account.
While sharing statistical data on how Pakistan’s textile exports increased, APTMA lauded the textile entrepreneurs for the huge achievement.
“Textile entrepreneurs have honored their commitment, with expansion plans well on track,” APTMA revealed in a tweet.
“Textile exports are set to increase by 6 billion dollars this year compared to last year,” APTMA further added.
Textile entrepreneurs have honoured their commitment, with expansion plans well on track
Textile exports are set to increase by 6 billion dollars this year compared to last year, thereby equivalent to the 3 year IMF Program#PakistanMovingForward #textiles #exports pic.twitter.com/EmAaJyIb0Y
— All Pakistan Textile Mills Association (@APTMAofficial) December 4, 2021
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.
Important to note, back in October, APTMA Patron-in-Chief Gohar Ejaz expressed optimism that textile exports will hit $21 billion by the end of FY22.
The $21 billion targets is 40% more than last year’s textile exports of 15.5 billion dollars. In the same vein, the government has set a target of $20 billion in textile exports.
Textile exports likely to achieve $20b target
Interestingly, traders too believe that Pakistan can achieve the export target of $20 billion owing to export-oriented policies of the government and strong economic recovery in major export markets.
Pakistan Textile Exporters Association (PTEA) chairman underlined that the textile export industry was entering the phase of sustainable economic growth after attaining stability.
The chairman also highlighted that the country’s exports had witnessed a rapid recovery since the Covid-related restrictions were lifted.
In recent months, the outbound shipments of Pakistan have increased compared to the regional competitors – Bangladesh and India.