Page 23 - TEXtalks International April/May 2022

Pakistan’s cotton yarn export
22

increased 25.97% in the first 9

months of current FY

Cotton yarn exports from the country during first 09 months of current financial year registered about 25.97%
growth as compared the exports of the corresponding period of last year. During the period from July-March,
2021-22 about 260,284 metric tons of cotton yarn valuing $908.487mn exported as compared the exports of
293,161 metric tons worth $721.216mn of same period last year. Meanwhile, 2,752 metric tons of raw cotton
worth of $6.577mn were also exported during the period under review as compared the exports of 499 metric
tons valuing $0.0593mn of same period last year.

In first three quarters of current financial year, the exports of cotton cloth grew by 26.51pc as 342,700 metric
tons of cotton cloth valuing $1.795bn exported as compared the exports of 314,562 metric tons worth
$1.419bn of same period last year.

During the period under review, the exports of cotton carded or combed grew by 100% as 1,211 metric tons
of above-mentioned commodity worth $1.632mn exported as against the exports of 49 metric tons valuing
$0.064mn of same period last year. It is worth mentioning here that cotton crop would be cultivated over
2.5333mn hectares of land during current Kharif season (2022-23) across the potential areas of the country to
produce about 11.034mn bales for fulfilling the domestic demand for industrial raw material
as well as for exporting.

Federal Minister for Commerce

vows to extend support to the

textile industry

Federal Minister for Commerce and Investment Syed emphasized the diversification of textile products
Naveed Qamar met a delegation of the textile sector and exploration of new markets.
from Karachi and discussed the industry’s issues
while assuring full support from his Ministry. The The previous government had targeted 4.8%
meeting deliberated upon the strategy to get more economic growth for the current fiscal year. The IMF
market access to different potential countries, and other financial institutions have projected
especially Canada, Australia, and South Africa, Pakistan’s economic growth at 4% to 4.3%, a decent
besides taking more benefits of the GSP-plus status rate but nearly half of what is required to create jobs
given to Pakistan by the European Union. for all new entrants in the market. The government
will have to act immediately to push the EU coun-
Besides, it took up the Drawback of Local Taxes and tries to extend the GSP Plus facility to Pakistan for
Levies (DLTL), gas, electricity, and pending refunds another 10 years, from Jan 2024 to Dec 2033,
of the textile sector. The textile operators mentioned adding that the end of duty-free facility would
many anomalies left in the last annual budget, which damage the exports growth volume by at least $3
should be addressed immediately. The Minister billion annually.

April/May 2022