Pakistan Textile Exports Increased by 8 percent reaches $8.8 billion – Research Snipers

Pakistan Textile Exports Increased by 8 percent reaches $8.8 billion

Pakistan’s Textile Industry and Textile products no doubt possess great quality and potential for growth, Pakistan Textile Exports, and clothing products saw an increase of 8 percent on year-on-year basis according to Pakistan Bureau of Statistics (PBS).

During the first eight months of the current fiscal year 2017-18, the textile exports were up by 8 percent as compared to the previous year’s figures, total exports have reached $8.8 billion. According to a spokesperson from the textile industry, the significant increase in exports comes after the cash subsidy provided by the government in order to accelerate industry’s exports. The timely release of refunds and better energy supply also contributed towards the improvement which resulted in more production and more exports eventually, he added.

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One of the key drivers in this growth was value added garments sector, according to the statistics, ready-made garments jumped to 13.3 percent in the last eight months as compared to the corresponding period last year, there was also 12.8 percent increase in the quantity. Similarly, knitwear exports sprouted up to 13.3 percent and 2.7 percent increase in quantity was also witnessed during the period.

Bedwear exports were up by 4.5 percent in value and 2.1 percent in quantity. However, towel exports were decreased by 0.4 percent in value but the quantity of exports was also increased by 1.9 percent. In terms of raw commodities, the exports of cotton yarn were increased by 1.8 percent and yarn other than cotton was jumped by 31.9 percent.

Raw cotton exports were up by 38 percent year-on-year basis. The non-textile exports also increase by 17.6 percent.