Export-friendly policies and incentives announced by Pakistan Government of late and the renewed focus towards seeking better market access by Ministry of Commerce seem to have finally yielded some positive results for the textile export industry of the country. As per the latest data released by the Pakistan Bureau of Statistics (PBS), the country noted a 7.32 per cent growth during July 2017 to February 2018 to US $ 8.8 billion as against US $ 8.2 billion in the corresponding period of FY 2016-17.
The recorded growth in textile exports has helped Pakistan to report an overall export revenue of US $ 14.8 billion during the eight-month period under review as compared to US $ 13.3 billion in the same period last fiscal. According to the Ministry of Commerce, this rising trend in exports is expected to be sustained in the coming months as well due to the rising international demand and exchange rate correction. Notably, the value-added textile sector was the chief growth driver for the increase in textile export, as stated in reports. In the previous review report that came out in November 2017, textile exports clocked US $ 1.12 billion, up by 7 per cent on the year-on-year basis. Then also, the growth was primarily driven by the value-added segment, which noted a 12 per cent yearly growth during the reporting month.
Further, exports of ready-made garments, knitwear and bed wear increased by 13.08 per cent, 13.3 per cent and 4.51 per cent, respectively, during the reporting period. Excluding towels, made-up articles also reported a 7.32 per cent increase in exports while art, silk and synthetic textile exports marked a surge of whopping 80.08 per cent during the said period. A 1.87 per cent increase in exports of cotton yarn and a slight growth of 0.04 per cent was also reported in exports of cotton cloth.