Page 25 - TEXtalks November/December 2021

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Turkey-US trade is

witnessing record-high figures

US textile-apparel imports from Turkey registered record high figures since the beginning of 2021, as a
$2.370 billion in the first ten months of this year, sign of recovering pace after several challenges,
which is a nearly 50% increase over imports of including the COVID-19 pandemic.
$1.586 billion in the same months of 2020, accord-
ing to data from the Office of Textiles and Apparel Category-wise, US apparel imports from Turkey rose
(OTEXA). This increase in textile-apparel export by by a sharp 62.39% to $702.627 million, compared to
Turkey is in line with the growth in its overall exports $432.681 million during January-October 2020. In
to the US that has increased by 45% year-on-year comparison, non-apparel textile imports rose
during January-November this year to $13.2 billion, 44.66% to $1.667 billion in January-October 2021,
according to the Turkey-U.S. Business Council. over $1.252 billion in the comparative last year. One
of the reasons for a surge in US-Turkey trade is the
steps taken for resolving Section 301 digital services
On the other hand, Turkey imported $11.7 billion of tax investigation, which otherwise would attract an
goods from the US during the same period. Turkey’s additional 25% customs tax on Turkish products
trade with the United States has been approaching entering the US.

SMEs are the real growth

engine of the economy: APBUMA

All Pakistan Bed-sheets & Upholstery Manufacturers economy by contributing to the employment
Association (APBUMA) says that the Small & scenario along with the input and output. SMEs also
Medium Entrepreneurs (SME) sector is a real growth increase the competition amongst their peers and
engine for the national economy. The government heat the market scenario. This continuous struggle
must ensure proper representation in policymaking for supremacy brings out the best in a business,
with clear directives to the commercial banks to triggering a win-win situation for both provider and
focus on SME and help them play their pivotal role in the consumer. Moreover, this increases aggregate
enhancing national exports. Even though the global productivity as well as economy-wide efficiency.
economy has contracted due to COVID-19, new There are almost 3.3 million Small and Medium
opportunities have also been propped up to Enterprises in Pakistan. These include
transform economies on modern scientific lines by manufacturing units, service providers, and startups
switching over to the new digital tools of operating on various levels. SMEs employ 78% of
e-commerce. the non-agricultural labor force, makeup about 25%
of manufacturing exports and over 30% of the GDP
SMEs also play a very critical role in the world in Pakistan.

November/December 2021