As per the latest statistics unveiled by Pakistan Bureau of Statistics (PBS), Pakistan’s textile exports in the July 2015 to March 2016 period plunged 8.15 per cent to US $ 9.36 as against US $ 10.194 billion in the same period last fiscal. However, exports of ready-made garments (RMG) increased by 4.2 per cent to US $ 1.60 billion during the period.
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In the period under review, raw cotton exports too dropped by 46.97 per cent to US $ 75.32 million. Cotton yarn exports totalled US $ 989.03 million, down 32.45 per cent over the comparable period. Cotton cloth generated US $ 1.685 billion, dwindling 10.14 per cent over the same period a year ago. Exports of knitwear and bedwear dipped 2.1 and 4.13 per cent to US $ 1.74 billion and US $ 1.50 billion, respectively in the reporting months.
The State Bank of Pakistan (SBP) reasons, “Following the addition of more efficient spindles by India, China and Bangladesh, it is not possible for our textile sector to compete internationally. To catch up with competitors, textile industry in Pakistan needs to invest heavily in balancing, modernisation and replacement.”
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On import front, textile products noted 27.59 per cent surge to US $ 2.39 billion. Raw cotton imports in Pakistan increased by 161 per cent to US $ 588 million in July-March period.
