Connect with us

Hi, what are you looking for?

Online Business Success

Pakistan’s textile exports hit all-time high of $6.04bln in July-Oct

379898 084503 updates


File photo of a textile unit.
File photo of a textile unit.
  • Pakistan posts phenomenal growth in textile exports.
  • APTMA says subsidised energy tariffs provided a big relief to the textile sector on account of cost.
  • Chairman APTMA (South Zone) Asif Inam says a huge investment came in the textile sector recently, which was unmatchable in the last twenty years.

KARACHI: Pakistan’s textile exports surged to an all-time high of $6.04 billion in the first four months (July-October) of this fiscal year (2021-22) led by the value-added sector, as per the latest figures of the Pakistan Bureau of Statistics (PBS) and All Pakistan Textile Mills Association (APTMA).

The country’s textile exports stood at $4.76 billion in the July-October period of last fiscal year, according to a The News report published Wednesday.

The export of textile products registered 25.6% growth in October in the fiscal year 2021-22 compared to the corresponding month of last fiscal year, whereas export of textile goods posted a growth of almost 9% against $1.49 billion export in the preceding month of September of the current financial year.

ATPMA, the largest representative body of textile mills in the country, attributed the phenomenal growth in the export of textile goods to subsidised energy tariffs, which provided a big relief to the textile sector on account of cost.

“The concessions on energy tariff helped textile sector post high growth in exports”, Asif Inam, Chairman APTMA (South Zone) told the publication.

Asif also counted a host of other reasons contributing to the growth of the textile sector and said that demand increased after COVID-19 related restrictions were lifted in the world.

He said Pakistan’s textile sector had capitalised on the increased demand for textile products.

He pointed out that a big chunk of textile products found its way in the USA and European markets where Pakistani textile goods had been consumed in large quantities in recent months.

Advertisement. Scroll to continue reading.

He said all-textile categories especially the value-added sector has posted high growth in exports except for yarn as the textile sector had largely shifted focus towards end products for export purposes.

Inam said huge investment came in the textile sector recently, which was unmatchable in the last twenty years.

He disclosed that textile machinery worth $4 billion had been imported for expansion in the sector and another $4 billion would be invested in the form of purchase of land, construction and other equipment in the sector.

“In terms of Pakistani rupee, this investment comes to Rs1,200 billion in the textile sector,” Inam said.

He said a strong check on the smuggling of textile products had also helped the sector as currently it was producing more goods for the local consumption and it was on the higher side.

APMTA South Zone Chief said he was anticipating more growth in the months ahead on the back of increasing demand for textile goods in the markets of Pakistani products, which would benefit the local textile industry and country in terms of exports.

Originally published in

The News



Source link

Advertisement. Scroll to continue reading.

Click to comment

Leave a Reply

Latest

Texas

President Biden is currently dangling a tantalizing clean energy opportunity in front of the Gulf Coast, one that seems tailor-made for Texas to seize....

California

SACRAMENTO — Legislation to decriminalize certain psychedelic drugs such as “magic mushrooms,” MDMA, ketamine and LSD was gutted by the California Legislature on Thursday, though the...

Washington

Updated August 12, 2022 at 7:20 p.m. EDT|Published August 11, 2022 at 6:00 a.m. EDT Cash effective tax rates of most-profitable companies since 2019...

Georgia

Norfolk Southern sent a statement to The Times: “Norfolk Southern and its contractors worked quickly to clean-up the spilled product following last month’s derailment,...

Online Business Success

A vegetable vendor speaks on his mobile phone at a retail market area in Kolkata, India, March 22, 2022. — Reuters Annual food inflation...

Technology

GamesBeat’s Rachel Kaser considers her allegiances in the new Splatoon title, and also joins the roast of Forspoken.Read More

Advertisement

You May Also Like

Uncategorized

Introductions get a lot of attention. I’ve explored the topic of how to write them even though as a reader, I always skip them....

Online Business Success

The internet is now our nervous system. We are constantly streaming and buying and watching and liking, our brains locked into the global information...

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

Online Business Success

You can think of link building in many ways. I like to call it tedious, painful, and a test of patience. It’s also necessary...

Advertisement