Textile exports plunged by 9pc in July-Feb despite GSP plus status

YarnsandFibers News Bureau 2016-03-26 15:00:00 – Karachi

The textile sector has been facing chronic energy shortages and stuck-up exports refunds due to which textile and clothing exports plunged from $9.166bn to $8.363 billion in the first eight months (July-February) of 2015-16 in the same period last year, a drop by 8.76 percent, according to Pakistan Bureau of Statistics data.

The decline in exports, from July 2014, was despite the preferential market access to the European Union as government failed to capitalize on the opportunity of Generalized System of Preferences Plus (GSP+) status.

Details showed that exports of low value-added products, such as cotton cloth dropped 10.69pc, cotton yarn 32.80pc, cotton carded 98.12pc, yarn other than cotton 21.20pc and made-up articles by 4.41pc.

In value-added sector, exports of bedwear fell by 5.42pc and knitwear 2.72pc. However, readymade garments and towels grew 3.97pc and 1.05pc, respectively.

Raw cotton exports witnessed a massive decline of 46.58pc.

Total export proceeds decreased by 13.30pc year-on-year to $13.868bn in July-February 2015-16 from $15.995bn.

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