Pakistan’s manufacturing industry has seen an uptick in output during the first half of the current fiscal year, indicating that the economic growth was gaining sustainability after the Covid-19 pandemic shocks, WealthPK reported.
According to the Pakistan Bureau of Statistics (PBS), the production increased in textile, tobacco, leather products, food, beverages, coke and petroleum products, fabricated metal, automobile, machinery and equipment, iron and steel products, paper and board, chemicals and furniture in the first half of the current fiscal year (1HFY22) as compared to the 1HFY21.
On the other hand, production decreased in pharmaceuticals, electronics, rubber products and fertilisers. Textiles ccording to PBS statistics, textile and clothing exports grew 26% year-on-year to $9.38 billion in the first half (July-December) of this fiscal year from $7.44 billion in the corresponding period of last year, according to WealthPK.
Imports of textile machinery jumped 88.24% in July-December, reflecting expansion or modernisation in the industry.
The government’s supportive policies, which include the introduction of regionally competitive energy tariffs, the elimination of duty and taxes on industrial raw materials, a lower interest rate, and the payment of pending refunds to exporters, have resulted in a stronger export capacity in Pakistan’s textile industry.
