PAKISTAN-ENERGY-INDUSTRY-TEXTILESThe exports of textile commoditieswitnessed an increase of 7.79 percent during the first half (H1) of thecurrent fiscal year as compared to the corresponding period of last year.
The textile exports were recorded at $7442.425 million in July-December(2020-21) against the exports of $6904.689 million in July-December(2019-20), showing growth of 7.79 percent, according to latest data ofPakistan Bureau of Statistics (PBS).
The textile commodities that contributed in positive trade growth includedknitwear, exports of which increased from $1586.923 million last year to$1849.605 million during the current year, showing growth of 16.55 percent.Likewise, exports of bed wear increased by 16.38 percent by growing from$1197.931 to $1394.180 while the exports of towels increased by 17.47percent, from $379.426 million to $445.709 million.
The exports of tents, canvas and tarplin grew by 57.77 percent, from$39.599 million to $62.477 million, while the exports of readymade garmentsincreased by 5.54 percent, from $1412.111 million to $1490.370 million andthe exports of art, silk and synthetic textile incrased by 0.17 percent,from $167.218 million to $167.502 million while exports of madeup article(excluding towels and bed wear) increased by 17.46 percent, from $322.855million to $379.229 million.
Meanwhile, the commodities that witnessed negative growth in tradedincluded raw cotton, exports of which declined by 96.14 percent, from$15.331 million to $0.592 million while the exports of cotton yarndecreased by 26.36 percent, from $544.148 to $400.730.
The exports of cotton cloth also decreased by 7.73 percent, from $1013.325million to $935.009 and yarn (other than cotton yarn) by 7.28 percent, from$14.521 million to $13.464 million.
Meanwhile, on year-on-year basis, the textile exports increased by 22.72percent during the month of December 2020 as compared to the same month oflast year. The exports during December 2020 were recorded at $1401.004million against the exports of $1141.620 million.
On month-on-month basis, the exports from the country witnessed increase of9.20 percent during December 2020 when compared to the exports of $1282.958million in November 2020.
It is pertinent to mention here that the country’s merchandize exportsincreased by 4.98 percent during the first half (H1) of the current fiscalyear (2020-21) as compared to the corresponding period of last year.
The exports from the country during July-December (2020-21) were recordedat $12.098 billion against the exports of $11.524 billion duringJuly-December (2019-20), according to the latest PBS data.
The imports into the country during the period under review also increasedby 5.72 percent by growing from $23.195 billion last year to $24.521billion during the first half of current fiscal year.
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Based on the figures, the country’s trade deficit increased by 6.44 percentduring the first half compared to the corresponding period of last year.The trade deficit during the first six months of the current fiscal yearwas recorded at $12.423 billion against the deficit of $11.671 billion lastyear.
Textile sector:
Ambassador of Pakistan to Belgium, Luxembourg and the European Union ZaheerA Janjua said the textile sector of Pakistan had immense potential forfurther expanding its share in the European Union (EU) market.
He said this during a virtual meeting with the Pakistan Textile CouncilChief Executive Officer Saleha Asif and other board members, a pressrelease issued by Pakistan embassy in Brussels said.
Appreciating performance of the textile sector during the COVID-19pandemic, Ambassador Janjua underlined that Pakistan’s exports in textileand clothing products to EU had increased in recent months.
He said the surge in textile exports was the result of governments’ smartlockdown strategy, reopening of industry, as well as recently announcedenergy package to help exporters recuperate from the effects of thepandemic.
He said Generalised Scheme of Preferences Plus facility had beeninstrumental in substantial growth of Pakistan’s exports to the EU,especially in the textile sector.
Emphasizing the need for making textile sector internationally competitive,he emphasized upon the need for innovation, value addition, diversificationand modernization to make Pakistan’s products more attractive. Saleha Asifapprised the ambassador about plans for enhancing textile exports throughR&D and its efforts to secure greater market access in the European bloc.
