Pakistan textile and clothing export reached $6.944b in the first half

Pakistan’s textile and clothing export reached $6.944 billion, a growth of over 8.36 percent in the first half (July-December 2013) of the ongoing fiscal year from a year ago from $6.409 billion during the corresponding months of last year, according to the figures of Pakistan Bureau of Statistics (PBS).

The government expects hike in growth from these sectors from January 2014 onwards following announcement of duty-free facility by the European market under the GSP Plus

Pakistan’s exports could potentially increase its share to two percent, which implies additional exports of about $1 billion, as the European Union has approved preferential access of Pakistani made ups to EU market under the Generalised System of Preferences (GSP) plus, effective from January 2014.

Industry sources said that consistent supply of gas during the period under review to textile sector produced the desired results, especially in the Punjab. They believed that textile sector could fetch further export orders if government provides power supply (gas and electricity) to the industries especially after getting GSP plus status.

The official statistics showed that export of raw cotton witnessed a growth of 77.58 percent in the months under review over the last year.

Meanwhile, export of cotton yarn has recorded decline of 3.10 percent followed by increase in export of cotton cloth of 6.1 percent. Similarly, the exports of cotton carded has registered negative growth of 4.73 percent, yarn export surged by 13.49 percent, knitwear, 5.35 percent, bed wear, 21.72 percent, towels negative growth of 3.93 percent, tenets, canvas and tarpaulin 10.13 percent in the first half of the ongoing fiscal year.

According to statistics, country’s overall export rose to $12.639 billion in July-December 2013-14 period from $12.024 billion in the corresponding period of the previous year, an increase of 5.11 percent. On the other hand, the import bill has declined to $21.671 billion in July-December 2013-14 period from $21.922 billion in the corresponding period of the previous year, decline of 1.14 percent.

Meanwhile, the import recorded at $1.109 billion on textile group, during first half (July-December) of the ongoing financial year 2013-14.