Pakistan celebrates record textile exports
According to data from Pakistan Bureau of Statistics, the country’s textile sector achieved record-level exports to the value of $19.3 billion for the year ended June 30, 2022, representing a year-on-year gain of 26%.
Local brokerage firm Topline Securities attributed this growth to three factors: a 16% rise in export volume, a “steep” increase in global demand and record cotton prices. Exports of cotton cloth were up 27% year on year as of this past May, the company added.
Meanwhile, patron-in-chief of the All Pakistan Textile Mills Association, Dr Gohar Ejaz, has forecasted a more than 20% boost to textile exports during fiscal 2023, providing the national government continues with its regionally competitive energy tariffs export policy.
Denim and cotton fabrics together make up 24% of the Pakistani textile industry, says Baig Group chairman, Dr Mirza Ikhtiar Baig. (Baig Group owns Karachi-based PDL Denim.)
