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Pakistan textile exports grew 28% in 1st Quarter of FY22

by News Desk
October 11, 2021
in Business, Economy
Reading Time: 2 mins read
Pakistan Textile exports
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Pakistan textile exports have risen by approximately 28% in the first quarter of the current fiscal year. The exports by the textile industry recorded an increase by 26% in September and by 28.67% in the July-August period.

Pakistan textile exports grew by a staggering 26% to $1.503 billion in the last month of the 1st Quarter.

In August, exports shot up by 45% to $1.5billion in comparison to $1billion in August 2020.

The textile exports went up by 24% to $15.5billion in FY21 from $12.5bn level in FY20.

The textile sector is effectively utilizing a competitive power tariff at the rate of 9 cents per kWh and gas at $6.5 per mmBtu for the last two years and this package has now been extended to cover the length of FY22.

Prime markets for Pakistani textile goods are the North American and European countries.

The PBS data depicted that ready-made garments exports surged by 22.57% in value, and 21.63% in quantity during the starting months of the first quarter of the current fiscal year.

Furthermore, knitwear moved up 34.12% in value and 14.22% in quantity.

While bed wear increased by 24.5% in value and approximately 23% in quantity.

Towel exports rose by 20.67% in value and 14.59% in quantity and cotton cloth exports registered an increase by 24.74% in value and dipped by 76.51% in quantity.

Textile Exports figures for September 2021 show a business of $1.503 billion, 26% increased growth over the corresponding year with 28% Textile export growth in Q1 FY22.#PakistanMovingForward pic.twitter.com/ZKdVuvkMWo

— All Pakistan Textile Mills Association (@APTMAofficial) October 9, 2021

It is also worth noting that $5 billion is being invested in the textile sector. Out of the $5 billion investment, approximately $2 to 2.5 billion is being invested on machinery – currently under installation – while the remaining would be pumped in by June 2022.

Our Make-in-Pakistan policy is beginning to show results. We have been informed that an investment of approximately USD 5 Billion is in the pipeline under which 100 new textile units are expected to be established. Apart from enhancing export capacity,

— Abdul Razak Dawood (@razak_dawood) October 7, 2021

According to the APTMA chairperson, if government policies are consistent and long-term, then the textile sector will hopefully grow by 20 to 25% each year and within three years, Pakistan would hit the $50-billion export level.

Tags: ExportsPakistan exportsTextile Exports
News Desk

News Desk

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