Pakistan’s Denim Exports to US Soared 62% in First Six Months of 2021

Pakistan exported $38 million worth of denim clothing to the United States in July, 2021. This figure represents 140% growth over July, 2020. Mexico’s denim exports grew 58% while those of Bangladesh grew 24% in this period, according to the US Office of Textiles and Apparel. 

Among the top Asian suppliers, Pakistan’s exports to US jumped 62.16% year to date to $188.94 million. Bangladesh’s exports increased 42.82% to $362.38 million in this period while shipments from China were up 13.28% to $192.49 million. 

Pakistan’s textiles and clothing exports are expected to rise in the coming months as the US moves orders out of China and other neighboring Asian countries. The focus on more value addition and new textile policy of the country will support the organic growth in exports. The depreciation of PKR has also boosted textile exports.

The monthly average of apparel exports from Pakistan was $565.60 million in H1 2021, which is expected to rise by 13.44% in H2 2021 to reach $641.60 million, according to a report in Fiber2Fashion. The US, the UK, Germany, Spain and France were the top importers of Pakistani apparel in H1 and accounted for approximately 68.27% of total apparel exports of the country, according to Fibre2Fashion’s market analysis tool TexPro.

Pakistan’s textile and garment exports jumped 22.94% to reach $15.4 billion in Fiscal Year 2020-21 (July 2020-June 2021), according to data from Pakistan Bureau of Statistics.  At the same time, the country’s technology exports surged 47% to set a new record of $2.12 billion for the last fiscal year that ended in June 2021. Pharmaceutical exports also saw 25.3% growth to $241 million in the first 11months of FY 2021, indicating Pakistan’s export diversification with higher value-added goods and services. 

Overall, Pakistan’s exports of goods for fiscal 2020-21 rose 13.7% to $25.63 billion. The nation’s service exports increased 9.2% to $5.93 billion in fiscal 2021. Combined exports of goods and services added up to $31.56 billion in July 2020 to June 2021 period. 

Source Link : Pakistan’s Denim Exports to US Soared 62% in First Six Months of 2021 (southasiainvestor.com)