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Textile exports likely to achieve $20b target

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LAHORE:

Keeping in view the rebound in textile exports, traders have said 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.

In a statement on Monday, Pakistan Textile Exporters Association (PTEA) chairman underlined that the textile export industry was entering the phase of sustainable economic growth after attaining stability. They anticipated the segment to keep moving forward to achieve lofty growth rate.

Expressing satisfaction on the rising trend, the chairman highlighted that the country’s exports had witnessed a rapid recovery since the Covid-related restrictions were lifted.

In the recent months, the outbound shipments of Pakistan have increased compared to the regional competitors – Bangladesh and India, he said.

Quoting figures, he pointed out that in October, shipments recorded highest ever monthly average of $2.46 billion.

Textile exports posted 24.24% growth in the same month, rising to $1.6 billion, he added.

Similar trend was observed in the first quarter of this fiscal year as textile exports grew by 26.55% to $6.02 billion, compared to $4.76 billion during the same quarter of previous year, the chairman highlighted.

Read China to bolster textile sector

“Higher textile exports came on the back of strong growth in value-added products, particularly knitwear, home textiles, bedwear, towels and made up articles.”

Rejecting the claims that the country’s exports had declined in terms of quantity, he said that foreign shipments of bedwear, during the quarter under review, increased to $1.09 billion from $899.55 million, showing a year-on-year growth of 21.3% in terms of value.

Exports of towels rose by 14.17% to $323.38 million from $283.25 million in the same quarter of previous year. In volumetric terms they increased by 7.75% year-on-year to 71,701 tons from 66,545 tons.

Foreign shipments of readymade garments surged by 22.34% year-on-year to $1.16 billion from $947.07 million and in terms of volume, they increased by 20.5% compared to the same quarter of previous year.

“At the same time, raw cotton, cotton yarn and cotton cloth showed a declining trend,” he said, adding that this was the indication that the value-added sector was the “main engine of growth”.

Published in The Express Tribune, November 30th, 2021.

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