Pakistan textile and clothing products exports witnessed escalation by 5.96 per cent in July-May 2014 from a year ago, mainly owing to a trivial increase in export of value-added products. But only nine textile products witnessed positive export growth among all textile and clothing categories.
In May, exports of textile and clothing saw a marginal growth of 1.19percent over the corresponding period of last year.
According to Pakistan Bureau of Statistics, the export value of textile and clothing rose to $12.626 billion in the first 11 months of the outgoing fiscal year as against $11.916bn over the corresponding period of last year.
Export of low value-added products, such as cotton cloth was up by 4.46pc, cotton carded 2.86percent; other textile material by 20.74percent and made-up articles, excluding towels and bedwear was 12.39percent during the period under review over the corresponding period last year.
While, in the value added sector, export of bedwear increased by 19.99pc, knitwear showed rise by 11.35percent. There is a dropped seen in export of towels by 1.94percent; cotton yarn by 9.93percent, and tents dropped by 26.41percent.
Raw cotton export witnessed a robust growth of 38.84percentc.
Total export proceeds witnessed a growth of 3.71percent to $23.111bn in July-May 2014 from $22.286bn over the corresponding period of last year.
In the last few months, growth of textile and clothing remained standstill at 7percent over capacity issues, especially in Punjab where the sector is faced with shortage of electricity and gas.
The government in its current budget has announced a textile package under which duty drawback for local taxes and levies will be given to textile product exporters on FoB values of their enhanced exports, has been increased beyond 10percent over last year’s exports.
The rate of support for garments will be 4percent. It would be 2percent for made-ups and 1percent on processed fabrics exports. Further, the rate of mark-up for export refinance scheme of State Bank has been reduced to 7.5pc from 9.4pc.
The textile package is projected to help increase exports by at least $2bn from next year. Similar package has been announced for non-textile products.
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