Pakistan’s textile exports continue to remain on an upward trajectory. All Pakistan Textile Mills Association (APTMA) revealed the latest details on the country’s textile exports.
According to details, Pakistan’s textile exports for February were a whopping $1.69 billion which is a huge improvement from last year. In February 2021, the textile exports were $1.23 billion. However, during February 2022, the figures rose by 37%.
“Textile exports for the month of February 2022 have increased by 37% to $1.686 billion as compared to last year’s February 2021 to $1.234 billion,” APTMA wrote on Twitter while sharing the remarkable figures.
“$12.61 billion exports in 8MFY22 compared to corresponding year 8MFY21 to $10 billion – an increase of 26%” APTMA further added.
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The statistical figures by APTMA show how Pakistan’s textile industry continues to grow strong. In fact, Pakistan’s textile exports earned $10.933 billion in seven months.
The exports of textile commodities surged by 24.73 percent during the first seven months of the current fiscal year (2021-22) as compared to the corresponding period of last year, the Pakistan Bureau of Statistics (PBS) reported.
As per APTMA data, textile exports faced a decline in December 2021. However, the exports picked up the pace again.
Textile exports for the month of February 2022 have increased by 37% to $1.686 Billion as compared to last year's February 2021 to $ 1.234 Billion.
$12.61 Billion exports in 8MFY22 compared to corresponding year 8MFY21 to $ 10 Billion – An increase of 26%.#PakistanMovingForward pic.twitter.com/vyxngyw36v— All Pakistan Textile Mills Association (@APTMAofficial) March 3, 2022
This is indeed an achievement for Pakistan whose overall exports witnessed the fastest ever growth last month. Adviser to Prime Minister on Commerce Abdul Razak Dawood on Wednesday announced that the country’s exports have seen a record growth of USD 100 million per day in the month of February 2022.
Textile industry contributes big to Pakistan’s exports!
Important to note, the textile industry contributes a huge percentage to Pakistan’s overall exports. The textile industry comprises 46 percent of the total manufacturing sector. It provides employment to around 25 million Pakistanis and contributes 8.5 percent to the GDP.
Pakistan’s textile industry is on a mission to achieve the $20B target. The country’s textile industry is on an upward trend despite Covid and the gas crises.
In a statement, Pakistan Textile Exporters Association (PTEA) Chairman Sohail Pasha said that exports of Pakistan experienced rapid recovery following the elimination of Covid-related restrictions.
“Our outbound shipments surged faster than those of our regional competitors including Bangladesh and India,” he said. “Textile exports surged 26% year-on-year to $9.38 billion in the first half of fiscal year 2021-22.”
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