The Newspaper's Staff Reporter
May 15, 2022
ISLAMABAD: Exports of textile and clothing grew 25.96 per cent year-on-year to $15.98 billion in the first 10 months of this fiscal year on the back of a massive rupee depreciation and a steady rise in global demand.
The textile and clothing exports grew 30.50pc year-on-year in April, showed data released by the Pakistan Bureau of Statistics (PBS) on Saturday. The ready-made garment exports jumped 27.95pc in value and 41.09pc in quantity during July-April 2021-22, while the export of knitwear soared 35.14pc in value but dipped 2.64pc in terms of quantity.
Bedwear exports grew 19.01pc in value and 13.43pc in quantity. Towel exports were up by 19.46pc in value and 5.16pc in quantity, whereas those of cotton cloth rose by 26.81pc in value and 7.14pc in quantity. Among primary commodities, cotton yarn exports increased 22.11pc and those of yarn made from material other than cotton increased by 100pc.
The exports of made-up articles — excluding towels — rose by 13.08pc, while those of tents, canvas and tarpaulin dipped by 4.62pc during the period under review. The export of art, silk and synthetic textile increased by 27.73pc during the months under review.
The import of textile machinery jumped 56.38pc in July-April year-on-year to $678.452m, reflecting expansion or modernisation in the textile industry. For bridging the shortfall in the domestic sector, the industry imported raw cotton in July-April value of which posted an increase of 19.15pc, while the import value of synthetic fibre posted a growth of 25.92pc, followed by the import of synthetic and artificial silk yarn 27.15pc during the months under review.
The import of worn clothing recorded a growth of 59.61pc in the first 10 months of the current fiscal year from a year ago. During the 10-month period, the country’s overall exports posted a year-on-year growth of around 25.56pc to reach $26.24bn from $20.90bn in the same period last year.
The PTI government had unveiled textile and apparel policy last month with various measures to promote production and quality of the textile and clothing. In the budget 2021-22, the government drastically reduced duty and taxes on imports of several hundred raw materials to bring down the input cost of exportable products.
Liquidity issues were resolved to a considerable extent by timely release of refunds, customs rebates and the payment of cash subsidies. (Source: dawn.com)