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Pakistan's textile exports grow 6.5% in July-April'14
26
May '14
The exports of textiles, including apparel, from Pakistan grew by 6.5 percent year-on-year to US$ 11.437 billion in the first ten months of fiscal year 2013-14, according to the latest data released by the Pakistan Bureau of Statistics.
 
During July-April 2013-14, the exports of cotton cloth fetched $2.346 billion, showing a growth of 5.52 percent over exports worth $2.224 billion made during the corresponding period of the previous fiscal.
 
Knitwear exports jumped 10.73 percent year-on-year to $1.842 billion during the ten-month period, while woven garment exports shot up by 7.48 percent to $1.58 billion, as per the data.
 
Meanwhile, the value of textile machinery imports made by Pakistan during the period under review surged up by 59.72 percent year-on-year to $489.865 million, which shows that enterprises have started investing in new machinery, especially after the country attained European Union’s Generalised System of Preferences Plus (GSP Plus) status. In fact, textile machinery imports in April 2014 skyrocketed by 130.07 percent to $66.374 million.
 
The import of synthetic fibre by Pakistan increased by 4.62 percent year-on-year to $349.358 million, whereas imports of synthetic and artificial silk yarn saw a rise of 15.08 percent to $516.98 million.
 
Commenting on the data, All Pakistan Textile Mills Association (APTMA) chairman Muhammad Yasin Siddik said the figures show that the GSP Plus status has started showing positive results.
 
Although the textile exporters are capitalizing on the GSP Plus facility, the sudden appreciation of the Pakistani currency against the US dollar has decreased the pace of growth that was observed during the previous three months, Mr. Siddik said.
 
Pakistan’s Ministry of Textile Industry is soon likely to come out with a new textile policy 2014-19, which will replace the existing textile policy 2009-14 that ends on June 23 this year.
 

Fibre2fashion News Desk - India

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