Pakistan’s textile exports grew to a record high of $6.04 billion during the first four months (July-October) of the ongoing fiscal year (FY22) with the value-added sector leading the growth according to data from the Pakistan Bureau of Statistics (PBS) and All Pakistan Textile Mills Association (APTMA).
As per reports, the Textile exports stood at $4.76 billion in the first quarter of FY21.
The export of textile products posted growth of 25.6% in October during FY22 against October of the previous year.
APTMA, accredited the remarkable growth in textile exports to subsidized energy tariffs, which provided significant relief to the textile sector on account of cost.
Chairman APTMA (South Zone) Asif Inam said, “The concessions on energy tariff helped textile sector post high growth in exports”.
Inam further noted a number of other factors that contributed to the growth in exports of textile goods and said that the rise in demand came after the pandemic-induced restrictions were relaxed across the globe.
He added that the country’s textile sector had capitalized on the growing demand for textile products.
The Chairman added that a huge number of textile products were exported to the USA and European markets where Pakistani textile goods were being consumed in large quantities in the last few months.
Inam said that all-textile categories especially the value-added sector posted high growth in exports except for yarn as the textile sector had greatly shifted focus towards end products for export purposes.
Inam said that recently huge investment had come into the textile sector surpassing the investments in the last two decades.
He explained that textile machinery worth $4 billion was imported for expansion purposes in the sector and an additional $4 billion was going to be invested in the form of purchase of land, construction, and other equipment in the sector.
Inam disclosed, “In terms of Pakistani rupee, this investment comes to Rs1,200 billion in the textile sector”.
The Chairman added that strong checks on the smuggling of textile products had also contributed to the sector as its production boosted for local consumption and it was on the higher side.
APMTA South Zone Chief said he was expecting more growth in the coming months owing to the increasing demand for Pakistani textile goods in the markets which would benefit the local textile industry and country in terms of exports.
