The Pakistan Textile Exporters Association (PTEA) has expressed serious concern over a worrying situation resulting from lethargic growth in exports. This has resulted in a downward spiral due to high production costs, regional competition, inconsistent government policies and uncompetitive energy prices. It also contributes to the trade deficit.
While regional peers have doubled their textile exports, the same has declined across the value chain in Pakistan in quantity and value terms, PTEA chairman Mian Ajmal Farooq said in recent press release. He urged the government to offer incentives to textile exporters.
The country’s textile exports were worth $13.8 billion in 2010-11 fiscal which dropped by 10.4 per cent to $12.4 billion in 2016-17. Meanwhile, textile exports of India witnessed a 31 per cent rise from $27.7 billion to $36.4 billion across the same period.
Bangladesh’s textile exports jumped by 63 per cent to $31 billion in 2016-17 from $19 billion in 2010-11, while Sri Lanka’s exports rose by 20 per cent from 4.1 billion to $4.9 billion during the same period.