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Textile sector will import large volume of cotton

31
Oct '09
As the global economic environment is experiencing a turnaround, demand for Pakistani textile products is climbing up. So, the country is likely to import around 2 million bales of cotton fiber this year.

Textile exports of the country are likely to go up to $13 billion in the year ending June 30 compared to previous year's export of $10 billion.

The industry that contributes two-third of country's overall exports, struggled to regain the growth amid numbers of barriers such as demand plunge, power shortage and increasing interest rates.

As per the estimates of Farm Ministry, this season the cotton crop output of Pakistan will be 12 million bales, slightly lower than last year's output of 12.1 million bales. In the year ending on June 30, the industry profits tumbled by 57 percent.

Textile manufacturers imported 3 million bales last year. The country imports around 30 percent of cotton used by spinning mills, whereas about 80 percent cotton yarn produced in Pakistan is exported.

However, in last two years over 100 textile spinning mills closed down their shutters leaving 1 million people without jobs.

The US and EU are the major importers of Pakistani textiles, while the key textile export products of country are knitwear, bed linen, cotton cloth and cotton yarn.

In the first three months of the ongoing fiscal year, country's textile export slipped down by 11 percent to $2.44 billion. The government aims to increase these exports by 2014 to $25 billion, according to its first textile policy, announced in August.

Fibre2fashion News Desk - India


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