Pakistan focusing on textile exports to improve its financial status

Pakistan has signed an agreement with Tadjikistan and Kirghizistan at the beginning of December to enhance the country’s energy supply. With the improvements underway, Pakistan is looking to increase its textile exports over the next nine years, and hopes to increase 2013’s €466m profit further with predictions for $26bn profit in textile exports by 2023.

Attention to textile exports is vital for Pakistan’s growth, as the country is ranked as the 4th largest producer of cotton in the world. Backing is being provided by the International Monetary Fund, which is urging the country to make improving its energy supply a priority. Developments in the industry will pave the way for proposals to create 10m new jobs.

Plans have been underway to improve the textile industry for some time. In 2013 the government aimed to increase the country’s profit from exports by $1bn. This turned out to be successful, as the first nine months of 2014 saw exports to the European Union reach $900m, a welcomed increase with 2013 profiting an increase of 29% from 2012.

According to Pakistan Bureau of Statistics, January and May’s export profits increased by 12.89%. Knitwear exports and readymade garments rose by 11.68% and 9.74%.

With plans now set in place to focus on the country’s energy supply and textile exports, Pakistan is hopeful that 2014’s success will be mirrored – a powerful start to the New Year.

Pakistan is aware that the country needs to focus on its textile exports in order to improve the country’s finances.