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Wednesday, February 1, 2023
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Pakistan’s textile exports soar to $ 1.65B

Besides the increase in imports, Pakistan’s textile exports have shown a major recovery since February and established an 8% increase on monthly basis. The industry has majorly supported Pakistan’s economic landscape as it has bagged a growth of 5.37% growth in 2022, higher than the previous two years.

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The value of textile and garment exports from Pakistan has increased up to $ 1.65bn in the first eight months of the fiscal year 2021-22.

According to the Pakistan Bureau of Statistics (PBS), the country has produced $ 12.607 billion from the textile and apparel trade this year, compared to $ 9.999 billion in exports from July to February 2020-21.

Categorically, the knitwear exports increased up to 33.86% year-on-year to $3.302 billion, while the trade of non-knit readymade garments rose by 25.11% to $2.516 billion. Moreover, cotton yarn exports also experienced a major increase of 34.40 %to $815.375 million, against $606.690 million last year.

Read more: Pakistan’s textile exports earned $10.933 bln in 7 months!

The trade of cotton fabric was also enhanced by 28.23 % with a value of $1.584 billion this year. Furthermore, an increase of 20.34% in bed wear distribution was also seen during the eight months of 2021-22.

On the other hand, the industry has also invested in its imports of synthetic fiber which rose to 31.65%, and the cost of artificial silk yarn shot up to $ 569.256 million from July- February 2021-22. As a result, the costs of textile machinery in Pakistan have also increased significantly up to $ 577.249 million during the eight-month period.

An economic boost

Besides the increase in imports, Pakistan’s textile exports have shown a major recovery since February and established an 8% increase on monthly basis. The industry has majorly supported Pakistan’s economic landscape as it has bagged a growth of 5.37% growth in 2022, higher than the previous two years. Despite strict economic restrictions, the textile sector is seen as a significant contributor to the country’s economy even at the times of the global pandemic 2019.

Moreover, an effective policy measure by the government has also helped the industry to grow as only sustainable and inclusive economic policies could yield development and prosperity in the country. Similarly, strengthening exports is vital for economic growth and sustainability.

Pakistan’s textile industry has the potential of creating an economy of $ 30 billion annually. The policymakers and economic experts of the country should analyze the current economic situation and frame an effective economic strategy to enhance our exports to the textile industry.

Read more: Pakistan’s Textile Exports: Growth and Trends

Conclusively, the sector has great potential and can help to enhance the country’s economic prosperity on a large scale by creating employment opportunities in the country. This would further contribute to the GDP and GNP of the country.