Pakistan’s Textile Exports Hit 26-Month High in August
Surge to $1.64 Billion Driven by Government Policies and SIFC Support
In August, Pakistan’s textile exports reached a 26-month peak of $1.64 billion, marking a 13% increase compared to the same month last year, largely attributed to favorable government policies and the assistance of the Special Investment Facilitation Council (SIFC).
Data from the Pakistan Bureau of Statistics reveals that textile exports were $1.46 billion in August of the previous year.
Notable growth occurred in various segments, with knitwear and bedwear exports rising by 15%, and ready-made garment exports increasing by 28% year-on-year.
Analysts suggest that this surge is linked to Pakistan’s advantageous position in the global textile market, particularly as political turmoil in Bangladesh and international sanctions on China have prompted global importers to look for alternatives.
Shagufta Irshad, a research analyst at JS Global, emphasized that these conditions have strengthened Pakistan’s appeal as a competitive market for textile goods on the international stage. Interloop Ltd, a leading textile company in Pakistan, anticipates continued growth in exports, which could enhance profit margins and positively impact the country’s economic landscape.
Given the current global circumstances, Pakistan is presented with a prime opportunity to further boost its exports by enhancing product quality in the international market.
The report underscored the importance of government initiatives and the support from SIFC in fostering industrial development, creating a promising environment for Pakistan to take advantage of the increasing global demand for textiles.
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