Pakistan’s textile exports surged to a 26-month high in August, reaching $1.64 billion- a 13 per cent year-on-year increase, due to government policies and facilitation by the Special Investment Facilitation Council (SIFC).
According to the Pakistan Bureau of Statistics, last August, textile exports stood at $1.46 billion. Significant growth was recorded across various sectors, with knitwear and bedwear exports increasing by 15%, and ready-made garment exports up by 28 percent compared to last year.
Analysts attribute the rise to Pakistan’s strategic positioning in the global textile market, especially in light of political instability in Bangladesh and international sanctions on China, which have led global importers to seek alternatives. According to various global research reports, these conditions have enhanced Pakistan’s role as a favourable market for textile products globally. Interloop Ltd, one of Pakistan’s major textile companies, expressed its hope in a statement that the surge would be continued export growth, which could boost profit margins and contribute positively to Pakistan’s economic outlook. It is worth mentioning here that in view of the current global situation, Pakistan has a golden opportunity to further increase its exports by improving the quality of its products in the global market.
Meanwhile various other reports have also highlighted the role of government initiatives and SIFC’s support in promoting industrial development, creating a promising environment for Pakistan to capitalize on global textile demand.