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Tuesday, May 21, 2024

Textile industry’s export orders booked for the next six months

The Pakistani textile industry has its export orders booked for the next six months. The sector has been growing despite the coronavirus

The textile industry in Pakistan is growing at a commendable rate. It has continued to grow despite the coronavirus pandemic raging throughout the world. The growth is evident in the massive export orders it has already received for the next six months.

“Exports orders for the next 6 months are booked and despite COVID our exports have increased significantly compared to our regional competitors whose exports have shrunk”, said Adil Bashir, Chairman All Pakistan Textile Manufacturers Associations (APTMA).

Pakistan’s textile exports in the month of November increased a further 9 percent relative to the previous year. The industry has received a steady supply of gas which will likely continue and help maintain the momentum of increasing exports.

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 “The textile sector is currently in the mode of rapid expansion to cater to increased orders and demand. It is absolutely essential to sustain this momentum which is being facilitated by the textile policy, in the form of Regionally Competitive Energy Tariffs and the sustained provision of gas/RLNG to the export sector”, the APTMA chief further explained.

COVID-19 a big challenge for the textile industry

Covid-19 was the biggest challenge for the outgoing 2020, which disrupted global economies and their supply chains. 

The textile sector is called the backbone of Pakistan’s economy as it enjoys around 60% share in total exports. Its contribution to the national gross domestic product (GDP) is 8.5% and the industry employs around 15 million people, directly and indirectly.

Stakeholders, however, are worried over Pakistan’s minuscule share in global textile exports. Pakistan’s share was calculated at 1.7% in 2019 out of the $941 billion world textile market and it may have remained stagnant in 2020 since very few textile houses were working on real value-added products.

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“Pakistanis normally follow the trend and the same is the case with the textile sector,” said Ulfat Textile Mills Managing Director Adeel Usman. “There are a few big textile houses which are working on value addition because they know that it will increase their profit margins in the export market.”

GVS News Desk