Textile exports hit life-high of $6.04bln in July-Oct

KARACHI: Pakistan's textile exports surged to an all-time high of $6.04 billion in the first four months (July-October) of this fiscal year (2021-22) led by value-added sector, latest numbers showed.

Country’s textile exports stood at $4.76 billion in July-October period of last fiscal year, as per the figures of Pakistan Bureau of Statistics (PBS) and All Pakistan Textile Mills Association (APTMA).

According to data, export of textile products registered 25.6 percent growth in October in fiscal year 2021-22 compared to the corresponding month of last fiscal year, whereas export of textile goods posted a growth of almost nine percent against $1.49 billion export in preceding month of September of current financial year.

ATPMA, the largest representative body of textile mills in the country, attributed the phenomenal growth in the export of textile goods to subsidised energy tariff, which provided a big relief to the textile sector on account of cost.

“The concessions on energy tariff helped textile sector post high growth in exports”, Asif Inam, Chairman APTMA (South Zone) told The News International.

Asif also counted host of other reasons contributing to the growth of textile sector and said that demand increased after Covid-19 related restrictions lifted in the world.

He said Pakistan’s textile sector had capitalised the increased demand of textile products.

He pointed out that a big chunk of textile products found its way in USA and European markets where Pakistani textile goods had been consumed in large quantities in the recent months.

He said all-textile categories especially value-added sector has posted high growth in exports except yarn as textile sector had largely shifted focus towards end products for export purposes.

Inam said huge investment came in textile sector recently, which was unmatchable in the last twenty years.

He disclosed that textile machinery worth $4 billion had been imported for expansion in the sector and another $4 billion would be invested in the form of purchase of land, construction and other equipments in the sector.

“In terms of Pakistani rupee, this investment comes to Rs1,200 billion in textile sector,” Inam said.

He said strong check on smuggling of textile products had also helped the sector as currently it was producing more goods for the local consumption and it was on the higher side.

APMTA South Zone Chief said he was anticipating more growth in the months ahead on the back of increasing demand of textile goods in the markets of Pakistani products, which would benefit the local textile industry and country in terms of exports.