Pakistan’s textile exports rose eight per cent to $4.39 billion in the first four months of the current fiscal 2017/18 as the industry’s value-added sector continued to post recovery in export earnings during the period, Pakistan Bureau of Statistics (PBS) data revealed. Textile exports amounted to $4.075 billion in the July-October period of the past fiscal year. Knitwear exports stood at $873.023 million during the July-October period of FY2018, depicting a 10.62 per cent increase as compared to the corresponding period a year ago.
Export of bedwear increased 5.44 per cent to $755.419 million in the period under review. Readymade garments exports surged 14.8 per cent to $803.526 million. Export of made-up articles rose 8.81 per cent to $222.183 million, while towel exports remained almost flat at $248.224 million in July-October. Other merchandises that witnessed decent double digital growth in exports earnings during the period under review included raw cotton (up 46.69 per cent), synthetic textile (soaring 60.61 per cent) and textile materials (rising 19.48 per cent.
A gradual disbursal of tax refunds, which creates liquidity constraints for businesses, and trade enhancement initiatives are playing an instrumental role in arresting decline in textile exports that fetch more than 60 per cent of the country’s total exports of $20 billion. But, the quantum is still much below the potential and compared with regional competitors. It has to be significantly increased to help the government achieve its ambitious $35 billion annual exports target.
Industrialists pin hope on new power plants based on liquefied natural gas to generate comparatively inexpensive electricity to make the country’s exports competitive in the international market. In October, textile exports increased 7.12 per cent year-on-year (YoY) and rose 5.09 per cent month-on-month (MoM) $1.132 billion. Knitwear exports surged 14.42 per cent YoY and rose 8.12 per cent MoM. Export of bedwear inched up 0.28 per cent YoY and rose 2.96 per cent MoM. Readymade garments exports climbed 11.51 per cent YoY and jumped 3.35 per cent MoM. Export of made-up articles rose 10.6 per cent YoY and increased 7.87 per cent MoM. Though towels exports were down 2.85 per cent YoY, they were up 6.96 per cent MoM.