According to Bloomberg, the textile business is bringing cheer to the country’s suffering economy, with exports likely to hit a new high after the country gained an advantage over South Asian rivals during the pandemic.
Textile exports are expected to increase by 40% year on year to a record $21 billion in the fiscal year ending in June, as per Abdul Razak Dawood, Prime Minister Imran Khan’s commerce adviser.
At an interview with Bloomberg in his Islamabad office, Dawood predicted that the figure will rise to $26 billion in the next fiscal year, surpassing the country’s total exports the previous year.
One of the few economic bright spots in the country is the textiles industry, which supplies everything from denim pants to towels to buyers in the United States and Europe. When the pandemic first increased in 2020, textiles, which account for almost 60% of the country’s overall exports, were allowed to resume production ahead of India and Bangladesh, attracting orders from worldwide names such as Target Corp and Hanesbrands Inc.
