Textile exports witnessed an increase of 8.23 percent during the first seven months of the current fiscal year and increased 10.79 percent year-on-year to $1,323.324 million during the month of January 2021.
The Commerce Advisor Abdul Razak Dawood told the media that as a result of the policies, the government made during the last two years, there has been a reasonable increase in the products, relating to the textile sector. The export of textile products increased to the extent of 7.7 percent during the first half of the current fiscal year as compared to the corresponding period of the previous year.
In financial terms, the export of textile commodities recorded at $7.4 billion from July to December 2020 against the exports of $6.9 billion during the same period last year.
As far as the product-wise share is concerned, the export of knitwear was $1.5 billion during the period from July to December 2019 which increased to $1.8 billion during the same period in 2020. The export of bed wear was $1.1 billion during the first part of the fiscal year in 2019 which increased to $1.3 billion during the same period in 2020. The increase is 16.3 percent here.
The export of the towels increased from $379 million in the first fiscal year of 2019 to $445 million in the first fiscal year of 2020, the increase is 17.4 percent. The export of tents, canvas, and tarplin was $39 million which grew to $62 million, showing an increase of 57.7 percent during the period that starts from July to December if it is compared between 2019 to 2020. The textile exports of readymade garments witnessed an increase of 5.5 percent during the first fiscal year of 2020.
The Commerce Advisor said that before this government, industries were closing down in Faisalabad. While talking about the measures, he said that the present government took to revive the industrial sector, he added that abolishing duty and taxes on industrial raw material and paying off past pending refunds to exporters were important actions by the government.
The present government has also been successful in providing uninterrupted electricity and gas to the export sector which caused the excellent performance of the exporters. The devaluation of local currency and lowering the interest rate also caused an increase in the performance of the exporters.