Knitwear industry takes the reign as an increment of 7.7 percent has been recorded in the first half of the current fiscal year of 2021 when compared with the reciprocal period of last year for the knitted and hosiery garments. The textile exports were recorded at $7.4 billion in Jul-Dec (2020-21) against the exports of $6.9 billion in Jul-Dec (2019-20), showing growth of 7.7 percent says, chairman Faisal Mehboob Sheikh and chief coordinator Adill Butt of Pakistan Hosiery Manufacturers Association (PHMA).
The major textile goods that were recorded in this textile exports growth data comprised of knitwear as its exports showed an increase of $1.5 billion last year to $1.8 billion during the current year, showing growth of 16.5 percent.
According to the Chairman, a constant growth is being detected in the country’s export if you study the data of the previous four months in December 2020. The numbers are great especially considering the fact that world was battling Covid-19 pandemic.
“PHMA extends congratulations to the commerce ministry and the whole nation for achieving record exports in December 2020. Greetings also to all the hosiery exporters on achieving record exports in December 2020 with a growth of 18 percent over the previous year, hoping the trend will continue with government full support to promote export culture.” Says Faisal Mehboob Sheikh.
The fastest way to ear foreign exchange and boost export is through the apparel sector. To make this work more efficiently, the government should establish a task force to compete with the Chinese garment industry which has world apparel market share of 30 percent said Adil Butt.
