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Textile exports jump 26pc in September

By Khalid Hasnain 2021-10-10
LAHOR E: Textile exports grew 26 per cent to $1.503 billion in September, according to the All Pakistan Textile Mills Association.

The textile exports earlier registered year-on-year growth of 29pc in the first two months (July and August) of 2021-22 as compared with the corresponding period of the preceding year. In August, exports jumped by 45pc to $1.5bn against $1bn in August 2020.

The textile exports grew 24pc to $15.5bn in 2020-21 from $12.5bn in FY20. Since 70pc of textile exports from Pakistan are from the valueadded sector, the industry projects the exports to be $20.5bn for the ongoing fiscal year.

The textile export sector for the last two years has been availing a competitive power tariff at the rate of 9 cents per kWh and gas at $6.5 per mmBtu. The package has now been extended for the current Escal year.

However, the association terms year-wise competitive tariff package not feasible, especially for those planning long-term investments by expanding their exports on a huge scale.

`If the government announces a straight five-year package, the country`s textile exports may jump to $50bn within a couple of years,` says an Aptma office-bearer.

According to Aptma, the textile exports grew 24pc to $15.5bn in 2020-21 from $12.5bn in FY20. Since 70pc of textile exports were from value-added sector, the industry has projected the exports to $20.5bn for FY22.

`We are confident to achieve the ofñcial $20bn target for FY22,` he said.