Pakistan’s apparel and textile exports edged up only 0.86% in the first quarter with the former sector weighing on overall results.

Pakistan saw the value of its textile and garment exports edge up nearly 1% in the first quarter of the year, with the latter sector weighing on the overall result.

Figures from the Pakistan Bureau of Statistics (PBS) show Pakistan’s textile and ready-made garment exports climbed 0.86% in the July to September period to US$3.28bn from $3.26bn last year.
Separately, ready-made garment exports dropped by 1.5% to $599.3m from $608.7m in the year-ago period, the data revealed.

Textile exports, meanwhile, were up 1.13% to $2.68bn, boosted by 9.8% growth in knitwear exports to $710.2m. Cotton cloth also contributed, increasing 0.09% to $529.1 m.

Raw cotton, however, saw a slump in exports of 76.2% to $7.05m from $29.6m a year earlier, while the export of cotton yarn dropped by 2.25% to $313.7m.

Textiles and apparel contribute nearly 70% to Pakistan’s total export earnings.

According to an overview of the country, Pakistan is the world’s fourth largest cotton producer, one of the world’s largest cotton users, and the sixth largest textile exporter.

The country’s current Textile Policy, which runs from 2015-2019, aims to double textile and clothing exports to US$26bn by 2019. Pakistan benefits from zero duty on exports to the EU under the GSP+ scheme – although business is hampered by safety/security issues and the sector faces mounting pressure from Asian competitors.

 

Source: www.just-style.com