Pakistan has reported an increase of 5.9 per cent in its textile and apparel exports to US $ 2.18 billion in the initial months (July and August) of the ongoing fiscal year. The Pakistan Bureau of Statistics (PBS) disclosed the figures.
The country recorded US $ 2.06 billion revenue in the corresponding period of 2016.
The knitwear segment, in particular, noted US $ 439.26 million in revenue.
Meanwhile, readymade garments (RMG) exports reached US $ 418.63 million (with an increase of 15.7 per cent) during the reporting period. Bedwear exports increased by 8.1 per cent to US $ 384.32 million.
However, cotton cloth exports declined by 7.9 per cent during the first two months of the current fiscal.
Pakistan’s textile industry, which employs 30 per cent of the country’s working population, intensified its efforts to grab benefits of the textile incentive package (Rs. 180 billion) announced by the Government earlier in this year. This contributed to the growth attained in the review period.
The incentives offered by the Government are further expected to increase the export revenue by at least US $ 3 billion by the end of the current fiscal year.
Concessions on duties and exemption from sales tax and customs duty on import of cotton and textile machinery are among few perks offered under the package to boost the industry.
The increase in textile export has come as a breather for Pakistan which had been struggling for quite some time.