Pakistan successfully made deals with international brands including Hugo Boss, Guess, Target, and Hanesbrands. The country expect a strong revival of the textile industry.
After the first wave of covid-19, Pakistani exporters made some deals with the international clothing brands. This, in return, showed an upward trend in textile exports. According to Bloomberg, the export rose by 7% in the same industry.
This rise is more than India and Bangladesh. The textile export of these two nations is growing at a pace of 6% and 3.5% respectively.
In an interview with Bloomberg, All Pakistan Textile Mills Association Secretary General Shahid Sattar said:
Pakistan has seen orders shifting from multiple nations, including China, India, and Bangladesh,
Garment manufacturers are operating near-maximum capacity and many can’t take any orders for the next six months,
Hugo Boss also said that to cover the increasing demand, they have turned their ships towards Pakistan’s textile industry. They expect a long-term business relationship with the country.
Hanesbrands also shared their remarks on this occasion and said that they’ve partnered with many countries and Pakistan is one of them. They also intend to get the excess demand from the country.
Talking with Bloomberg, Khalid Mehmood (Nishat Mills Ltd’s) said:
So there is a six-month slot for Pakistan now to capture the maximum number of customers that were China-based,
This war (competition) between two giants has given us new opportunities in polyester-cotton products,
The report further added that some orders from China were diverted to Pakistan. These orders would be carried by Nishat Mills and Interloop Ltd. Same goes when orders that were diverted from India and Bangladesh and to be fulfilled by Gadoon Textile Mills Ltd.
These recent activities will further boost textile export and improve the country’s economy.
On the other hand, Gonzalo Varela – senior economist, World Bank – added:
Despite a relatively rapid recovery of exports, following the ease of the lockdown imposed by the Covid-19 pandemic, a long-term view reveals stagnation,
Pakistan needs an across the board tariff rationalization to encourage manufacturers to export and the nation to compete with other nations.