In an achievement, Pakistan’s apparel exports to the United States witnessed an increase of 69.14 % for the year 2021, which is more than India and Bangladesh’s.
South Asia Index, a leading data analyst on Twitter, shared the figures. According to the statistical data, Pakistan’s apparel exports to the US grew 69.14%. On the other hand, India witnessed a growth of 33.10% in its apparel exports to the US for 2021. Whereas Bangladesh’s grew by 28.04%.
Important to note, India and Bangladesh typically perform better than Pakistan. However, in 2021, Pakistan outperformed both countries.
Furthermore, Pakistan’s apparel exports to the European Union also increased in 2021. Data showed that Pakistan’s apparel exports to the EU increased by 27.89%, again, surpassing India and Bangladesh.
Read more: PM praises exporters commerce ministry for outshining India, BD in exports
Growth in apparel exports to US for the year 2021:
Growth in apparel exports to EU for the year 2021:
— South Asia Index (@SouthAsiaIndex) January 27, 2022
A week ago, data of the Pakistan Bureau of Statistics (PBS) showed Pakistan’s textile and clothing exports went up by 26 per cent to $9.381 billion in first half (July to December) of the current fiscal year from $7.44 billion in the corresponding period of the year.
Data showed that ready-made garments exports jumped 22.93 percent during July-December, while the exports of knitwear edged up 35.21 percent.
The growth in exports is ofcourse due to the massive depreciation in currency value, reduction in duty on raw materials, timely release of refunds, and the payment of cash subsidies.
Read more: Pakistan’s textile exports reach a record high
Textile industry contributes big to Pakistan’s exports!
Pertinent to mention, Pakistan’s textile industry makes up almost half of the exports. Regarding this, All Pakistan Textile Mills Association (APTMA) revealed that the textile industry contributed to 17.3% of the 28% increase in exports.
“These numbers translate the potential that lies in the Textile Sector. Given the circumstances can open up more avenues to capitalise on Pakistan Exports market’s optimum potential,” APTMA said while sharing the data.
These numbers translate the potential that lies in the Textile Sector. Given the circumstances can open up more avenues to capitalise on Pakistan Exports market's optimum potential.#PakistanTextileIndustry #pakistanexports #ExportsIndustry #SBP #Economy #commerce pic.twitter.com/i2JTtgDPpL
— All Pakistan Textile Mills Association (@APTMAofficial) January 19, 2022
Furthermore, Pakistan’s textile industry is on a mission to achieve the $20B target. The country’s textile industry is on an upward trend despite Covid and the gas crises.
Read more: Gas & electricity issues being fixed: Hammad Azhar
In a statement, Pakistan Textile Exporters Association (PTEA) Chairman Sohail Pasha said that exports of Pakistan experienced rapid recovery following the elimination of Covid-related restrictions.
“Our outbound shipments surged faster than those of our regional competitors including Bangladesh and India,” he said. “Textile exports surged 26% year-on-year to $9.38 billion in the first half of fiscal year 2021-22.”