ISLAMABAD – The textile sector of Pakistan continues to show strong growth as exports stood at $6.02 billion with an increase of 27 percent in the first four months of the ongoing fiscal year 2021-22 as compared to $4.76 billion during the same period last year.
As per the data released by the Pakistan Bureau of Statistics (PBS), value-added textiles exports posted a whopping 25%YoY growth to US$4.87 billion as compared to US$3.89 billion in last year.
Moreover, exports of readymade garments increased by 22% YoY as quantity exported was up by 20% YoY, bed wear exports increased by 21% YoY as quantity was up by 24% YoY, knitwear exports rose by 35% YoY as quantity declined by 13% YoY.
This is a continuation of the eight-month trend of double-digit year on year basis growth in exports as post-vaccination international markets are reopening, triggering demand for textile products.
International cotton prices by 14%YoY to 127.3/Ib since Oct’21 while on a cumulative basis since January 2021 there was an increase 50.4% observed in the prices.
As demand for textile products is on rising exceptionally, it is safe to say that cotton prices are expected to stay robust. Global textile dynamics continue to remain favorable for the local textile industry as the trade war between US and China shall benefit the textile industry in the future also.
Read more: https://pakobserver.net/chemicals-pharm-products-exports-witness-record-102-58-pc-increase/
