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Pakistan : Textile exports to shoot vertically on sector modernisation & development |
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2005-7-20
Pakistani textile industry sustains its global share of exports and secures additional foreign exchange through a substantial increase in exports. However, there was a significant pessimisism with tough challenges for quality and competitiveness to local textile products in international markets after the quota-free regime.
During the 11 months in 2004-05, the textile industry had already secured $7.70 billion worth foreign exchange through exports showing a substantial rise compared to $7.40 billion exports in the same period, last year. In May this year, the textile exports stood at $830 million as against $650 million in April, showing emphatic growth.
For the time being, the textile makers are positive that this year’s target of US $10 billion in exports would be reachable as the industry is gradually increasing its share post textile quotas.
They textile makers claimed products such as yarns, fabrics, cloth and bed linen are the most competitive items in the world and these items have a major share in overall textile exports.
Meanwhile, the struggling knitwear and readymade garment sectors, couple of months back, have undergone modernisation and technological upgradation. However, all the other sectors like yarns, fabrics, bed linen and clothing, have been already performing well prior to, and post WTO regime.
The textile industry anticipates further investment of over $6 billion by the year 2010, due to increase in demand, capacity building and impending growth within.
The textile industry plans to raise its exports to US $16.4 billion by the year 2010. Plans are afoot by the industry to organize itself to double its exports, from $8.3 billion in 2003-04 and expected $8.5 billion in 2004-05 to $16.4 billion, in the coming five years.
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