By Ayesha Mudassar

ISLAMABAD, August 05 (INP-WealthPk): Pakistan earned $19.32 billion from textile and apparel exports in the Fiscal Year 2021-22 compared to $15.39 billion in the Fiscal Year 2020-2021, reports WealthPK quoting the Pakistan Bureau of Statistics (PBS) data.

Yaseen, General Manager at the MTM Masood Textile Mills, told WealthPk that Pakistan’s textile industry had the potential to generate higher revenue; however, rupee depreciation adversely affected the industry with a significant increase in production costs.

He suggested that entrepreneurs in the apparel industry should keep abreast of the contemporary requirements and the continuously changing trends in the global market.

Yaseen further said that to maximize the sector's export potential, a huge investment in machinery, access to high-quality raw materials, better skill set, lower input costs, and product development were required.

Talking to WealthPK, Suhail, General Manager at the Klash Private Limited, said the country's share in the global market could reach new heights with the adoption of emerging trends and concentration on the production of raw materials. He also highlighted the need to focus on value addition to boost profit margins in the export market.

Furthermore, the industry has also invested in import of textile machinery, synthetic fiber, raw cotton, artificial silk yarn, worn clothing, and other textile items, he added.

In June 2022, textile exports surged to $1.70 billion compared to $1.65 billion in the same month last year, registering almost 2.86% growth.

Among the value-added sector, yearly exports of readymade garments went up by 28.71% to $3.90 billion from 3.03 billion, knitwear by 34.38% from $3.81 billion to $5.12 billion, bedwear by 18.8% to $3.29 billion from $2.77 billion, and towels climbed 18.80% from $9.37 million to $1.11 billion.      

Textile and garment production is Pakistan's most important and largest industry, accounting for 46 percent of overall manufacturing. The significance of this industry is demonstrated by the fact that it accounts for 61% of exports, employs 40% of the workforce, and contributes 10.20% of GDP.

The industry supports more than 10 million farming families, showcasing Pakistan's role as a significant producer of raw cotton.

Pakistan’s textile industry has the potential to generate higher revenue. The policymakers and the government should concentrate on attracting foreign investment and modernizing existing manufacturing facilities.

Credits: Independent News Pakistan—Wealthpk