ISLAMABAD: Pakistan’s textile exports have reached a 26-month high due to SIFC facilitation and government economic policies.
According to the Pakistan Bureau of Statistics, textile exports increased by 13 percent to $1.64 billion in August 2024 from $1.46 billion in August 2023.
Political instability in Bangladesh and international sanctions resulting in a decline in demand for Chinese products have led to a boost in Pakistan’s textile exports.
Commenting on the increase in exports, JS Global Research analyst Shaghfata Irshad said rising costs and political instability in Bangladesh, along with sanctions on China, have forced global textile importers to look to alternative markets such as Pakistan, India and Vietnam. What is the trend towards?
Due to this situation, export of knitwear and bedwear has increased by 15% in August 2024 and readymade garments exports of Pakistan have increased by 28% year-on-year. In particular, readymade garments exports are expected to improve further, which will boost the company’s margins as well as strengthen the domestic economy.
In the context of the current global situation, Pakistan has this golden opportunity to establish its foothold in the global market and increase its exports further by improving the quality of its products.
Undoubtedly, the increase in exports is a testament to the government’s initiatives in Pakistan’s industrial development as well as the support of SIFC.
