Finally, a glimmer of hope as 2020 comes to an end, Pakistan’s textile sector is the first major industry to have been recovered from the pandemic. Our textile exports have increased by 9% over the exports of November 2019 to reach 1.
28 billion dollars; says Chairman of National Business Group and president Pakistan Businessmen and Intellectuals Forum Mian Zahid Hussain.
The reason for this timely recovery is due to some certain actions such as import of cotton, support from the government policies and the trade tension between China and the US. This has majorly contributed and put Pakistan into spotlight for exporting goods therefore giving the industry a much-needed boost, Zahid said.
Moreover, the voidance of the regulatory duty fee on cotton yarn import has had a very positive impact on the textile sector.
Passing of this law now means that the sector can now run-on full capacity and earn foreign exchange for the country due to the fulfilling number of orders for the coming six months
Now, to keep the textile sector up and running at full speed, what we need is an ample supply of refunds, improvement in the cotton crop and cost-effective energy arrangements. The tension between China and the US is making the western buyers explore other trading options in the market for exports therefore, giving Pakistan a platform.
There’s been a recorded drop by 50% of local cotton output meanwhile the production of cotton has doubled in India.
Efforts are needed to ensure continuation of GSP status which is set to expire in 2023.
