Pak fabric, garment exporters gear up to fetch $6-6.5-bn revenue
30 Aug '06
3 min read
After having failed to achieve $5.7 billion export target of fabrics and readymade garments in 2005-06, the exporters are gearing up to fetch anywhere from $6 to $6.5 billion in the current fiscal year.
Final figures for the last fiscal year show that fabrics and readymade garments exports could fetch a little more than $5 billion which is slightly more than $4.7 billion earned from export the previous year.
Textile exporters are pinning hopes on an expected bumper cotton crop, a textile package that offers Rs25 billion in subsidy and rebate to garments, fabrics and the vigorous marketing drive in the USA, EU, African, South American and Far Eastern countries.
Exporters are involved a cut-throat price war in the European Union and USA markets and failed to make as much impact after phasing out of textile export quotas in January 2005 as China, India and Bangladesh did.
“The marketing situation is gradually brightening up for us also,” a leading garment export remarked in a cautious assessment.
He is waiting for the picking assessment of cotton crop and also how the spinners operate this season. He believes that initial euphoria of phasing out of textile export quota is gradually on decline and international textile market is gradually stabilising.
Spinning is the most capital-intensive textile sub-sector and the spinners is the super rich class that for decades thrived on a 50 per price subsidy on cotton and generous bank loaning.
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