Pakistan sees a 23% rise in Textile Exports from the preceding year – PBS
According to the international trade-related statistics released by the Pakistan Bureau of Statistics (PBS) on its website, Pakistan’s total textile exports witnessed a recorded increase of 23% Year-on-Year basis (YoY) in the outgoing fiscal year 2021 (FY21) to the US Dollars 15.42 billion compared to US Dollars 12.53 billion in the Fiscal Year 2020 (FY20).
As per the details, Knitwear exports posted the highest growth of 37% YoY basis to US Dollars 3.83 in FY21 as against US Dollars 2.80 billion in FY20. Among the others, Bed Wear and Readymade Garment’s segments also recorded a substantial growth in exports by 29% YoY and 19% YoY respectively.
This gigantic improvement in textile exports during the FY21 can be attributed to a massive increase in exports of US Dollars 1.67 billion recorded during the final month of June’21 in which 73% growth was recorded against the same month of June last year and a 57% upsurge was seen compared to the previous month of May’21.
It is anticipated, that the country’s textiles export will continue to see growth in FY22 as demand for Pakistan’s textiles is likely to stay strong as many countries have developed the likeness for the Pakistani textile products, thereby, Pakistan is fastly becoming the favorites destination for the importers over its regional peers such as China and Bangladesh.
Moreover, a large number of textile producers are increasing their production capacities to fulfill the rising demand from both domestic and international markets. As far the factors behind the performance of the textile sectors are concerned, among the various other reasons such as power subsidies and continued tariffs rationalization from the government, another vibrant factor that helped Pakistan in registering a record textile export this year was the competitiveness of its products compared to its competitors that largely helped Pakistan in reclaiming a place for its textile products in international markets.
Going forward, all eyes are on the upcoming Textile Policy which is very much expected to bode well for the textile sector especially export-oriented units.