October 11, 2021 (MLN): Textile exports reached the highest mark of US$1.503 billion in the month of September 2021, depicting a yearly growth of 26% while 3% on a sequential basis.
According to the All Pakistan Textile Mills Association (APTMA), the textile exports recorded a substantial jump of 28% YoY in the first quarter of the ongoing fiscal year, clocking in at US$4.437bn from around US$3.479bn in the corresponding period of FY21.
As 70% of Pakistan's textile exports come from the value-added sector, the industry projected exports at US$20.5bn for the current financial year, as per APTMA.
This export sector has been getting competitive power tariffs at the rate of 9 cents per kilowatt and gas at US$6.5 per mmBtu for the last two years that has been extended for the current financial year. However, the association does not consider the annual competitive tariff package feasible, especially for those who plan to make long-term investments by increasing exports on a larger scale.
During the first quarter, Apparel and clothing, knitted or crocheted exports surged by 32% to US$390 billion, while articles of apparel and clothing accessories observed an increase of 24% to US$278mn.
The export of other made-up textile articles witnessed a 17% upsurge to stand at US$481mn in 1QFY22 while cotton exports jumped by 31% to US$291mn in the said period.