Pakistan' s textile sector growth declined to 3.2% during July-March 2021-22
Source: chinatexnet Date: 2022-06-17
The Economic Survey for the financial year 2021-22 shows, growth in Pakistan’s textile sector declined to 3.2 per cent during July-March 2021 - 22 as compared to 8 per cent in the same period last year.
As per a Business Recorder report, most growth was noted in the areas of wool products manufacturing with the highest surge of 38.9 per cent in the production of wool blankets, 27.9 per cent in the production of wool and carpet yarn, and 19.1 per cent in production of woolen worsted cloth. Production of yarn and cloth showed marginal growth of 0.7 per cent and 0.3 per cent respectively.
The production of jute was restrained by the depreciation of the rupee. However, the surge in textile machinery imports led to a rising demand for concessionary financing from textile firms.
The wearing apparel grew by 34 per cent as it gained traction locally as well as in the international market as garments production grew at 34 per cent during the period. The export of garments also grew by 33.9 per cent. Knitwear exports contracted by 4.8 per cent in quantity terms, while it increased by 34.1 per cent in terms of value during the period under review.
The ready-made garment exports show a massive growth of 33.9 per cent in quantity and 26.2 per cent in value from 27.8 million dozen to 37.3 million dozen worth $2.8 billion as compared to $2.27 billion for the same period last year.
Exports of towels grew by 18.3 per cent in terms of value and 5.1 per cent in terms of quantity to $819.6 million.
Meanwhile, Pakistan’s exportsof synthetic textile fabrics increased by 27.6 per cent in quantity to $343.59 million as compared to $269.20 million the same period last year.
