Page 5 - TEXtalks March/April 2022

05

Textiles and Apparel Policy 2020-25;

An export target of 40 Billion $US in

FY 2021-25; Development of Special

Economic Zones

The Pakistani government has This year, global demand for cotton
approved the much-awaited would reach an all-time high,
pro-industry Textiles and Apparel thanks to the economic resurgence
Policy (TAP) 2020-25, which aims from the pandemic that has driven
to achieve the target of US$ 40 cotton prices to their highest level
billion for textile exports by 2025. in a decade. THIS SPRING, the US
China's global market for textile cotton growers plan a 7% increase
exports is dominated by a 32% in cotton plantings. The harvest
share of textile trade of $302 billion. would be 17.3 million bales
weighing 480 pounds, with typical
Ministry of Commerce has weather and yields. US exports will
undertaken an exercise of increase to 15.8 million bales in the
thorough consultations with private 2022 marketing year. When
stakeholders and proposed to set combined with US mill use, total
an export target of US$ 20 billion offtake exceeds expected
for the textiles and apparel industry production, and ending stocks are
during FY 2021-22. The Prime projected to fall to 3.1 million bales. If
Minister has also approved the realized, US stocks represent one of
afore-mentioned target the lowest levels in the last 20 years.
World ending stocks are projected to
Pakistan's textile sector can deliver decline by 3.4 million bales in the
the set target of $200 billion as in 2022 marketing year to 81.6 million
textile value-added, Pakistan is bales, resulting in a stocks-to-use
second in home textile, second in ratio of 64.8%.
Towel, third in hosiery, and 17th in
Apparel. Pakistan is ranked 5th The government has already
globally in cotton and yarn subsidized the fertilizer sector with
production and 2nd in fabrics. The 15.5 billion rupees. PM said to
textile sector employs about 40% increase fertilizer production
of the industrial workforce in South capacity with the installation of new
Asian countries, consumes almost units in the country.Farmers, textile
40% of banking credit for spinners, and other stakeholders
manufacturing, and accounts for applaud the initiative as Pakistan,
8.5% of the gross domestic an agricultural and textile country,
product. The share of textile needs special attention and such
exports in the world stood at $1 initiatives to improve cotton
trillion while the share of IT exports production. It is hoped that with the
was hovering around $5 trillion, so proper steps taken, the country will
Pakistan's real potential was lying decrease the gap in cotton
in IT, pharmaceutical, and other production and consumption within
products. the country.

March/April 2022