Textile exports projected to cross $20bn target
LAHORE: With the ongoing $3.5 billion expansion plan for the textile industry, Pakistan’s textile exports are likely to increase by $6bn and cross the $20bn target projected for the fiscal year 2021-22.
In November alone, textile exports were up 36 per cent as compared to the same period last year, data shared by the All Pakistan Textile Mills Association (Aptma) showed.
“With the ongoing expansion plan, our exports are gradually rising and reflecting very positive signs for the industry. [Textile exports will] easily reach $21bn which is one billion more than the actual target of the $20bn set for FY22,” Aptma chairman Abdul Rahim Nasir told Dawn on Saturday.
“The total investment and expansion plan for all sectors for FY22 is worth $4.5bn and includes $3.5bn for 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,” the Aptma chairman explained. Major investments and expansions have been made for value-addition including from semi-finished to finished goods, raw cloth to dyed cloth to garments for example, he maintained.
“Since things are in the right directions at present, we will surely achieve our targets and even more this year subject to continuation of pro-exports’ policies,” the Aptma chairman believed.
The association has termed textile growth in November and July to November, 2021 a good omen for the textile industry.
“Alhamdulillah Textile entrepreneurs have honoured their commitment, 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 3 year IMF Program,” the association said in a tweet on Saturday.
According to data shared by Aptma, textile exports (silk, wool, cotton, vegetable textile fibres, man-made staple fibres, wadding, carpets, special woven fabrics, impregnated, coated textile fibres, knitted fabrics, apparel and other made-up textile articles etc) jumped to over $1.747bn (36pc) in November from over $1.286bn attained in the same period in 2020.
Likewise, exports jumped to over $7.834bn from July to November 2021, posting a rise of 29pc from over $6.052 recorded in the same period last year.
It may be mentioned that the textile & apparel sector had touched a figure of $15.380bn in FY21. The government, keeping in view the exports growth, projected $20bn target for FY22.
Similarly, agri sector exports last year reached $4.341bn. For FY22, the target has been set at $4.858bn. Non-agri exports reached to $5.578bn last year and target for FY22 has been fixed at $6.357bn.
Country’s total exports — including textile, agri and non-agri — remained at $25.300bn last year. The ongoing year’s target has been projected as $31.225bn subject to continuation of the ongoing enabling environment aiming at export-led sustainable growth.
Published in Dawn, December 5th, 2021