Pakistan textile exports up 34.2%
Pakistan’s textile exports surged by 34.2% to a record level of $12.5 billion during July-May 2010/11 against $9.3 billion during the corresponding period last year, the Federal Bureau of Statistics (FBS) revealed on 21 June, 2011.
The total exports of textile products stood at $10.2 billion in FY10, which was increased from $9.6 billion a year ago, according to the FBS. Analysts have attributed the significant rise in textile exports in the current fiscal year to higher commodities prices in the international market.
“Cotton prices were at record high during the year, which helped Pakistan fetch better prices against its exports,” said Khurram Shahzad, Head of Research at InvestCap. The analysts said that the exports were increased in only value terms because of high cotton and finished goods prices due to shortage in the international market.
During the fiscal year, the cotton producing countries faced serious problems such as floods in Brazil and export ban on cotton yarn by India. Experts said that the current pace of textile exports depends on the global cotton estimates for the next year.
Textile exports shared around 55.7% in the country’s total exports of $22.4 billion during July-May 2010/11. The major components that helped the textile exports to grow significantly included cotton yarn, cotton cloth, knitwear, bedwear and readymade garments.
The cotton yarn and cotton cloth exports went up by 54.1% and 40.6% to $2 billion and $2.3 billion, from the previous figures of $1.3 billion and $1.6 billion, respectively.
