Pakistan’s textile exports have taken a giant leap in the last two years courtesy the government’s policies and the efforts made by the Special Investment Facilitation Council (SIFC), reported 24NewsHD TV channel on Saturday.
According to the Pakistan Bureau of Statistics (PBS), in August 2024, textile exports, after an increase by 13 percent, jumped to $1.64 billion from $1.46 billion recorded in the same month in the preceding year.
Furthermore, political instability in Bangladesh and dwindling demand for the Chinese products also led to a boost in exports.
Shagufta Irshad, an analyst at JS Global Research, while commenting on an increase in exports, has said that the volatile situation in Bangladesh as well as sanctions on China led the importers of garments to look to India, Vietnam and Pakistan as alternate markets. “Due to this, apart from a 15 per cent increase in the exports of knitwear and bedwear recorded in August 2024, 28 per cent increase in the exports of readymade garments from Pakistan was witnessed,” she added.
The country’s textile company Interloop Limited is especially expecting the exports of garments to go further up, which will not only enhance the company’s margin but also will also have a positive impact on the country’s economy.
The present situation offers Pakistan an opportunity to increase its exports by further improving the quality of its products.