Textile exports increase by 3.68% in seven months

Textile exports increase by 3.68% in seven months

KARACHI: The exports of textile products have recorded increase of 3.68 percent during first seven months (July – January) 2019/2020 on the back of improvement in readymade garments and knitwear.

The exports of textile group were at $8.1 billion during first seven months of current fiscal year as compared with 7.81 billion in the corresponding period of the last fiscal year, according to data released by Pakistan Bureau of Statistics (PBS) on Monday.

The textile sector was facing several issues pertaining to fuel prices and payment of tax refunds.

On the other hand the government allowed many incentives to export sector for encouraging the exporters. The government allowed zero rated of sales tax which is only available to the exporters.

The exports of readymade garments recorded 11 percent increase during the period under review. The exports readymade garments increased to $1.68 billion during first seven months of the current fiscal year as compared with $1.516 billion in the same period of the last fiscal year.

The exports of knitwear recorded 6.27 percent increase to $1.83 billion during July – January 2019/2020 as compared with $1.72 billion in the corresponding period of the last fiscal year.

The exports of bed wear recorded 2.77 percent growth to $1.39 billion during first seven months of the current fiscal year as compared with $1.35 billion in the same period of the last fiscal year.

However, the exports of cotton cloths fell by 3.62 percent to $1.19 billion during the period under review as compared with $1.23 billion in the corresponding period of the last fiscal year.

The exports of towels registered nominal decline to $444 million during first seven months of the current fiscal year as compared with $446.45 million in the corresponding period of the last fiscal year.

The export of cotton yarn was also registered flat growth to $640 million during first seven months of the current fiscal year as compared with $635 million in the same period of the last fiscal year.