Saturday, March 2, 2024

Pakistan’s Textile and Clothing Exports Increase by 26% to $9.381 Billion

Due to a sustained rise in worldwide demand, Pakistan’s textile and garment exports climbed by 26% to $9.381 billion in the first half (July to December) of the current fiscal year from $7.44 billion in the previous fiscal year, according to data from the Pakistan Bureau of Statistics (PBS).

According to PBS data, exports of several industries grew in the first half of the current financial year. Textile and garment exports, which constitute the backbone of overall exports, have seen good development due to a variety of factors.

The key elements driving the increase in exports include a large depreciation in currency value, a reduction in tariffs on raw commodities, and the timely delivery of refunds and the payment of cash subsidies.

International markets, on the other hand, are placing orders with the country. While exporters anticipated that existing gas challenges in several sections of the country would make fulfilling export targets difficult,

Due to an increase in demand during the winter season, the country is currently experiencing a gas shortage.

According to the most recent PBS data, textile exports contributed to the country’s overall export growth.

Exports increased by 24.7 percent to $15.102 billion in the first half of this fiscal year, up from $12.110 billion in the same period last year.

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