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Sunday, February 18, 2024

Pakistan’s textile exports reach a record high

The export of textile products registered 25.6 percent growth in October FY22 compared to the corresponding month of FY21, whereas export of textile goods posted a growth of almost 9pc against $1.49 billion export in the preceding month of September of the current fiscal year.

Pakistan’s textile exports surged to an all-time high of $6.04 billion in the first four months (July-October) of this fiscal year (2021-22) led by the value-added sector, the latest numbers showed.

According to the figures provided by the Pakistan Bureau of Statistics (PBS) and the All Pakistan Textile Mills Association (APTMA), Pakistan’s textile exports stood at $4.76 billion in the July-October period of last fiscal year.

The export of textile products registered 25.6 percent growth in October FY22 compared to the corresponding month of FY21, whereas export of textile goods posted a growth of almost 9pc against $1.49 billion export in the preceding month of September of the current fiscal year.

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APTMA (South Zone) Chairman Asif Inam credited the growth in the export of textile goods to subsidized energy tariffs. As a result, the textile industry faced a relief in costs. The textile sector faced an increase in demand after the lifting of Covid-restrictions around the world.

During Covid, global buyers turned towards Pakistan. As a result, Pakistani exporters received the opportunity to quote competitive prices and offer better quality products.

Read more: Challenges to Pakistan’s Export Competitiveness

PTI govt. helping the textile industry 

Needless to say, the government’s initiatives played a major role in helping the textile sector bounce back. The government drastically reduced the input cost of exportable products. Moreover, it resolved the liquidity issues by releasing funds in a timely manner.

In the budget 2021-22, the government proposed several measures. These included a reduction in duty on raw materials to promote exports of pharmaceutical, plastic, chemicals, engineering, and value-added textile products.

Read more: APTMA’s Gohar Ejaz believes textile exports will hit $21 billion in FY22

Moreover, Minister of State for Information and Broadcasting Farrukh Habib also credited the PTI government. He recalled that the textile mills had started shutting down during the era of PML (N). He said our textile exports are now increasing as a result of special incentives given by the PTI government.