Textile exports projected to cross $20 billion target during current fiscal year

Textile exports

Textile exports are likely to achieve the target of over $20 billion due to the government’s export-oriented policies and strong economic recoveries.

In a press release, issued by the Chairman of Pakistan Textile Exporters Association (PTEA), it has been said that country has seen a rapid recovery of export since the removal of COVID-related restrictions as its outbound shipment in recent months have risen faster than those of regional competitors, Bangladesh and India.

The shipments of October have been worth $2.465 billion and the highest ever in a single quarter at $9.461 billion. The textile exports increased by 24.24 percent during the month of October, raising $1.60 billion.

During the first quarter of this fiscal year, the textile exports increased by 26.55 percent to $6.021 billion as compared to $4.758 billion during this period, last year.

Read more: Textile exports hit all-time high of $6.04 billion in four months

The exports of value-added products moved high including home-textile, bed wear, towels, and made-up articles. The Chairman, PTEA said in the press statement that the exports of bed wear increased to $899.555 million, showing growth of 21.30 percent in value and was 185,126 MT, increasing by 23.53 percent in volume.

The exports of towel went high by 14.17% from $283.255 million to $323.385 million in value and from 66,545 MT to 71,701 MT, showing the increase of 7.75 percent.

The exports of ready-made garments moved up from $947.070 million to $1158.603 million in value, showing the rise by 22.34 percent and from 11,460 Th.Doz to 13,809 Th.Doz in volume, indicating the increase by 20.5 percent.

Made-up articles from (excluding bed wear and towels) increased by 11.55 percent to $268.582 million from $240.776 million. The exports of other textile materials also went up by 27.73 percent to $249.956 million.

The Chairman, PTEA demanded that the unit of measurement (UOM) should be in kilogram instead of square meters (sq. Meters), dozens, etc. so as to have the true comparison of quantity exports.

The Chairman said that exports, worth $500 million were stuck at the port due to the non-availability of container release order (CRO) and could not be shipped during October. Now it has been released.

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