Pakistan’s textile exports dropped 16.1 per cent to $1.002 billion in July 2018 compared to shipments recorded in June, which stood at $1.194 billion.
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A recent Indian government’s move to introduce rules of origin (RoO) in the name of protecting its local garment manufacturers might severely hurt Bangladesh’s export growth to its neighbour.
Textile exports are likely to miss the $45 billion target for 2017-18, as the industry reels under the impact of GST roll out and tariff advantages enjoyed by competitors like Bangladesh and Vietnam, according to textile industry body CITI.
Pakistan is taking various steps, including introduction of zero-rating regime for textile, leather, carpets, surgical goods and sports goods, to enhance exports, Muhammad Pervaiz Malik, Commerce and Textile Minister, informed.
The United States of America is asking the UN to banning the exports of North Korean textiles and freezing the assets of leader Kim Jong Un.
Foreign direct investment (FDI) in textile sector more than doubled to $618.95 million during 2016-17 from $230.13 million in the previous fiscal, Parliament was informed recently.
As per the data available with the Government, the export of textiles and garments has shown an increase of 3.2 per cent during the last three years.