Pakistan’s textile export saw a rise of 17.35% during the first ten months of the current year against the same time last year. As per Pakistan Bureau of Statistics (PBS), it saw a surge of 213% on a year-to-year basis.
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Myanmar’s political instability, lockdown in Cambodia and a the COVID-19 situation in India has prompted international retailers and brands to divert work orders to Bangladesh. Export earnings hit $3.13 billion in April.
According to US Census Bureau, exports from Cambodia to the US were $6.6 billion in 2020, which was 22.79% higher than that of last year. Q1 of this year saw total exports of $1.86 billion even amid stoppages.
Pakistan-based apparel manufacturers Interloop plans to setup a new factory to expand its production. Expecting to meet the rising demand from the foreign markets, the company aims to double its revenues by FY2026.
Bangladesh’s apparel exports to the US sustained a negative growth of over 8% YoY and fetched $1.53 billion in January-March 2021, down from $1.67 billion in 2020. The exports from China and Vietnam saw positive growth.
The provisional data of the Cotton Textiles Export Promotion Council revealed that the exports of readymade garments and manmade textile declined by 20.78% and 21.20%, respectively. The final data is expected by May end.
In this interview, Akhil Jain, Executive Director, Madame, shares details about the evolving knitwear market and how innovation is key for success.