Pakistan Textile Industry experiences 4.8% decrease in growth
During July to March during the current fiscal year, the industry saw a growth of 3.2%, this number was at 8% during the same period last year.
According to Economic Survery of 2021-22, Pakistan’s textile industry has seen a decrease in growth.
During July to March during the current fiscal year, the industry saw a growth of 3.2%, this number was at 8% during the same period last year. Although the poundage has declined from 20.9% to 18.16% in QIM 2015-16, it still remains the highest amongst all LSM sectors.
The production of woolen products grew the most. It was a 38.9% increase in blankets, 27.9% increase in wollen and carpet yarn and 19.1% increase in woollen worsted cloth.
Similarly, growth of yarn grew by 0.7%, while cloth production grew by 0.3%. Increased cotton prices, invariant capacity and congruent production units have all disrupted the cotton sector’s growth.
The decrease in the value of rupee was a big obstacle in jute production, since majority of the raw material is imported from Bangladesh. Increase in import of textile machinery, rising demands for concessionary financing from textile firms and exports of the sector have led to an improvement in the textile sector altogether.
However, the sector has also gained national and international traction, as garment production increased by 34% during the time frame. Exports also saw an increase of 33.9%.
Textile is the most valuable industry in Pakistan, and has the biggest production chain. It accounts for one-fourth of industrial value addition and has 40% of the industrial workforce. their products have maintained a share of about 61.24% in national exports.
Pakistan exported synthetic fabric of $343.59 million, in comparison to $269.20 million last year, which is an increase of 27.6%.
The survey also showed the key features of the government’s policies targeted at restoring economic stability to the country. Finance Minister Miftah Ismail said that the incumbent government has had to make tough decisions, but the country is now heading towards prosperity and stability.
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