Textile exports witnessed a growth of 26pc reaching $1.503 billion in September as reported by the All Pakistan Textile Mills Association (APTMA)
Earlier the textile exports reported year-on-year growth of 29pc during the first two months (July and August) of 2021-22 in comparison to the previous year. Exports spiked by 45pc to $1.5bn in August of this year compared to $1bn in August 2020.
The textile exports saw an increase of 24pc to $15.5bn during the fiscal year 2021 (FY21) from $12.5bn in FY20. The textile industry is expecting the exports to reach $20.5bn for the ongoing fiscal year as 70pc of the textile exports from the country are from the value-added sector.
For the last two years, the textile export sector has availed a competitive power tariff at the rate of 9 cents per kWh and gas at $6.5 per mmBtu. The package with the same rate has been extended for FY22.
The association, however, does not see a year-wise competitive tariff package as feasible, especially for those participants planning to make long-term investments through the expansion of their exports to a larger scale.
An APTMA official said, “If the government announces a straight five-year package, the country’s textile exports may jump to $50bn within a couple of years.”
He added, “We are confident to achieve the official $20bn target for FY22″.