Pakistan’s textile exports have shown a significant growth of 32% to reach $11.1 billion in July-April, 2011, the official data showed on Wednesday 18 May, 2011.

The textile exports jumped 46.6% last month to $1.3 billion against April 2010, according to the figures released by the Federal Bureau of Statistics (FBS). Analysts attributed this increase to the rise in cotton prices across the world, which helped exporters fetch a better price for their produce.

The flash floods in August 2010 lowered the cotton output estimates for the current fiscal year from 14 million bales to 11.7 million bales, the State Bank of Pakistan (SBP) said in a recently issued report.

Despite the fall in cotton output in the country the exports of the raw materials went up by 35.8% to $263.6 million from $194.1 million.

However, this is mainly due to higher prices in the international market because the exported quantity fell by 29%.

Analysts also attributed the rise in exports to higher demand of Pakistan’s finished and semi-finished products in the European Union and the United States economies after facing a recession period during the last two years. Textile exports have shared around 55% in the country’s total exports of $20.2 billion during July-April 2010/11.

The SBP in its report said that the current trend of textile exports would help the country have record exports in the current fiscal year. The major components that helped the textile exports to grow significantly included cotton yarn, cotton cloth, knitwear, bed-wear and readymade garments.

The exports of cotton yarn and cotton cloth went up by 37% and 32% to $1.7 billion and $2 billion respectively from the previous figures of $1.2 billion and $1.5 billion.

The country is aiming for $24 billion exports for the current fiscal year after response from significant growth in exports of textile-related products.

At the start of 2011 the government set the estimated target of exports at $21.5 billion.

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