Page 9 - TEXtalks October/November 2021

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Pakistan's textile exports

hit all-time high

According to the latest update from the Pakistan imports were 3,890 million USD, and they
Bureau of Statistics (PBS), Pakistan's overall reached 6,334 million USD in October 2021. The
exports increased in July-Oct 2021 compared to government should focus more on increasing its
the same period last year. Textile exports stood at exports rather than imports to reduce the trade
$4.76 billion in July-October 2020, and it has deficit. It should be considered that why there
reached $6.04bln in July-Oct 2021. has been a massive increase in import values.

Among various export items, the export of textile Exporting and importing help grow national
products registered 25.6 % growth in October in economies and expand the global market. Every
the fiscal year 2021-22 compared to the country is endowed with certain advantages in
corresponding month of last fiscal year. In resources and skills. Countries want to be net
contrast, the export of textile goods posted a exporters rather than net importers. In this way, a
growth of almost 9% against $1.49 billion export country can have domestic economic activity,
in the preceding September of the current more production, jobs, and revenue. Therefore,
financial year. The monthly comparison shows Pakistan should make the necessary
that the exports in October 2021 increased than arrangement to tackle the issue.
September 2021, and the imports decreased,
which is a good sign for a country. However, the ATPMA, the largest representative body of textile
is still a significant trade deficit to cover. In mills in the country, attributed the phenomenal
September 2021, the trade deficit was -4,185 growth in the export of textile goods to
million USD. Due to enhanced exports, especially subsidised energy tariff, which provided a big
concerning the textile sector, the trade deficit relief to the textile sector on account of cost. The
reached -3,886 million USD. Exports of towels demand increased after Covid-19 related
rose by 14.17% to $323.38 million from $283.25 restrictions lifted in the world and Pakistan’s
million in the same quarter of the previous year. In textile sector had capitalised the increased
volumetric terms, they increased by 7.75% demand of textile products. A big chunk of textile
year-on-year to 71,701 tons from 66,545 tons. products found its way in USA and European
Foreign shipments of readymade garments markets where Pakistani textile goods had been
surged by 22.34% year on year to $1.16 billion consumed in large quantities in the recent
from $947.07 million, and in terms of volume, months.
they increased by 20.5% compared to the same
quarter of the previous year. The textile machinery worth $4 billion had been
imported for expansion in the sector and another
On the other hand, the PBS data shows that $4 billion would be invested in the form of
exports and imports have increased significantly purchase of land, construction and other
this year. For example, in October 2020, the equipments in the sector.

October/November 2021