For the first two months of the fiscal 2022-2023, the value of textile and garment exports from Pakistan increased by four per cent.
Category-wise, knitwear exports rose 16 per cent during the period under review while exports of non-knit readymade garments were up eight per cent. As for textiles; cotton yarn exports decreased by 17 per cent while exports of cotton fabric rose by two per cent. Bedwear exports declined by three per cent during the period. Synthetic fibre imports decreased by 29 per cent while imports of synthetic and artificial silk yarn dropped 24 per cent during the same period. The value of textile machinery imports by Pakistan decreased significantly by 35 per cent.
In fiscal 2021-2022, textile and garment exports from Pakistan increased by 25 per cent over the previous fiscal.
Pakistan is committed to reducing the cost of doing business for export-oriented sectors including textiles and reducing the current account deficit. Value-added products are being promoted. Other steps taken include the supply of energy at competitive tariffs, monetary disbursements to mitigate prevailing liquidity issues due to severe economic challenges, duty-free import of cotton and reduction of custom duties on import of dyes and chemicals, and duty-free import of textiles and apparel machinery.