Textile’s expansion plan on track: APTMA

December 6, 2021 (MLN): With an expansion plan of $3.5 billion on track, Pakistan’s textile exports are likely to grow by $6bn during the ongoing fiscal year 2021-22 as compared to the last year and exceed a total textile export target of $20bn projected for the same financial year, the All Pakistan Textile Mills Association (APTMA) tweeted on Saturday.

“With expansion plans well on track textile exports are set to increase by 6 billion dollars this year compared to last year, thereby equivalent to the three-year International Monetary Fund (IMF) Program,” the association said on Twitter.

In the month of November 2021, textile exports were recorded at $1.75bn, depicting a yearly growth of 36% against the textile exports of $1.29bn in the same period last year. This took total textile exports over $7.834bn from July to November 2021, 29% higher than $6.052 recorded in the same period last year.

“The total investment and expansion plan for all sectors for FY22 is worth $4.5bn and includes $3.5bn for the textile sector alone. Investments of $1.5bn have been made so far in the textile sector while the rest $2bn would be in place by June 30, 2022,” Abdul Rahim Nasir, the APTMA chairman told Dawn.

The association is quite confident about achieving the export targets for this year given the continuation of pro-exports policies of the government.

Going by the details made available by APTMA, apparel and clothing, knitted or crocheted exports surged by 41% to $329.38 million, while articles of apparel and clothing accessories (not knitted or crocheted) observed an increase of 28% to $257mn.

The export of other made-up textile articles witnessed a 33% upsurge to stand at $430.44mn in November 2021 while cotton exports jumped by 42% to $225.45mn in the said period.

Copyright Mettis Link News