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Increase in textile exports

Increase in textile exports

 

According to newspaper reports, the textile sector has shown robust performance during October this year in which textile products and cloth registered an increase of 6.51 percent,earninga revenue of $1.180 billion.The export of raw cotton material has shown an increase of 58.08 percent, the export of readymade tents have increased by 153 percent and silk by 520 percent during the month. Besides, the knitwear exports have increased by 1052 percent, bed wears by 7.06 percent and towel exports by 4.22 percent. The export figures of the period between July and October show that the volume of textile products has decreased by 6.96 percent, but overall revenue has increased as compare to the last years’ earnings.The exports also added at least $25.132 billion or 2.75 percent additional revenue to the national wealth last year. However, the exports of the low-value textile products such as cotton cloth showed a decrease of 22.31 percent, cotton yarn 1.81 percent and cotton corded 98.22 percent in October this year.

It is a good omen that the international community has now begun to realise Pakistan’s fight against terrorism and is taking interest in the government efforts to boost economic activities in the country. Pakistan is virtually in a state of war and the government has to fight against various hostile elements. An operation has been launched against terrorists in the tribal areas while agreements are being singed with many countries to start development projects in Pakistan. Various foreign companies are taking interest to invest in various fields as well as development projects in Pakistan. The country’s textile exports have increased by $2 billion after the achievement of GSP Plus status and the government has already announced that it will provide uninterrupted gas supply to the textile industry in Punjab. A frequent visit of foreign trade delegations indicate that a new era of development is about to start in Pakistan and only political wisdom and common sense are required to maintain peace in the country.

There is a general impression among the people that the government could not fully utilise the GSP Plus status despite the fact that the Pakistani exports have increased by 29 percent. Textile industry is facing various challenges, including energy shortage. The situation can be improved by ensuring uninterrupted gas and power supply to the industrial units in various cities of the country.