Thursday, March 30, 2023

Textile exports increase 15% in July

Pakistan’s textile and apparel exports increased by 15.61 percent in the first month of this fiscal year to $1.471 billion, up from $1.272 billion in July 2020, according to statistics provided by the Pakistan Bureau of Statistics on Thursday.

The relaxation of trade restrictions in North American and European nations, which are major markets for Pakistani textiles, would assist boost exports.

Textile demand fell during the first wave of Covid-19, but it recovered in the current fiscal year.

To lower the input cost of exportable items, the government has substantially slashed duty and taxes on several hundred raw material imports. Furthermore, timely reimbursements help to alleviate liquidity difficulties to a great extent. During the current fiscal year, the commerce ministry distributed a total of Rs6 billion under DLTL programs. This includes Rs5.6 billion for the textile sector and Rs400 million for non-textile sectors.

The government believes it would help to improve exporters’ liquidity and enable them to increase Pakistan’s exports.

Details revealed that ready-made garment exports increased by 9.83pc in value and 8.23pc in quantity during July, while knitwear increased by 24.4pc in value and 54.66pc in quantity, and bed wears increased by 8pc in value but down by 1.10pc in number.

Towel exports fell by 0.01 percent in value and 10.10 percent in quantity, while cotton cloth exports increased by 20.12 percent in value and fell by 81.03 percent in quantity.

Cotton yarn exports increased by 48.49 percent, while yarn other than cotton increased by 61.11 percent.

During the month under review, exports of made-up items (excluding towels) increased by 10.33 percent, while tents, canvas, and tarpaulin decreased by 44.94 percent. During the month under review, raw cotton exports fell by 100 percent.

The import of textile machinery grew by 96.95 percent in July, indicating that the textile sector embarked on expansion or modernization projects during the month.

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