Textile exports continue to surge during current fiscal year

ISLAMABAD: The textile sector continues to show buoyant growth as exports of textile products stood at a whopping $1.47 billion in August with an increase of 46 percent as compared to $1.01 billion exports in August 2020-21.

With the onset of the current fiscal year, there seems to be a booming trend in textile exports as the first month of current fiscal year also witnessed a 15pc growth amounting to $1.471 billion.

The average increase in the exports of textile products for the current fiscal year -- comprising two months recorded as 29 percent to $2.949 billion as compared to the $2.289 billion exports of corresponding period of the last financial year.

“If the prevalent momentum of growth in textile exports continues, Pakistan’s textile sector will surpass $21 billion mark,” Shahid Sattar, Executive Director of All Pakistan Textiles Mills Association, maintained.

According to the latest data available with The News, the exports of textile apparel, clothing accessories, knitted and crocheted in the month of August increased by 47 percent to $366.38 million as against the $248.82 million of exports during the same period of the last financial year. Likewise, the exports of textile apparel and clothing accessories showed 41pc growth in August to $285.67 million.

In addition, the exports of clothing, textile articles and rags jacked up by 47 percent to $469.67 million in August as compared to $319.29 million of the last fiscal year. The data also shows that exports of man-made filaments, strip and textile materials went up by 180pc to $5.53 million during the second month of current fiscal year.

The growth in staple fibers recorded as 63 percent to $37.75 million, carpets and textile floor coverings, 15 percent to $5.87 million, knitted or crocheted fabrics, 35 percent to $4.40 million and cotton products, 46 percent to $ $297.78 million during August 2021.