PTEA chief stresses need for targeting non-traditional markets
Share of Pakistan's exports in global market is just 0.13% due to reliance on traditional markets
Share of Pakistan's exports in global market is just 0.13% due to reliance on traditional markets. PHOTO: EXPRESS
FAISALABAD:
Pakistan needs to explore export-boosting avenues by diverting focus towards non-traditional markets in order to achieve a sizable growth in exports.
"It is vital for Pakistan to broaden its export base in a bid to achieve growth targets and rein in trade deficit," said Pakistan Textile Exporters Association (PTEA) Chairman Khurram Mukhtar in a statement.
Terming the increase in exports essential for improving the economy, he was of the view that textile exporters were making strenuous efforts to achieve the objective.
Textile sector: PTEA demands immediate release of duty claims
"Export diversification has played an important role in the economic development of various countries," Mukhtar pointed out. "Therefore, export growth and diversification are considered engines of economic expansion."
Quoting figures, he lamented that the share of Pakistan's exports in the global market was merely 0.13% as it highly depended on traditional markets. "Reasons behind this were global recession, high cost of doing business and lack of diversification in export products and markets," he said.
Furthermore, traditionally the exports of Pakistan were concentrated in the European Union and the US and the share of these markets was 74.8% in total exports from Pakistan.
"Export products of Pakistan are traditional, labour-intensive and lack technology, which have opened the doors for the competitors," he regretted. "In order to meet the new dynamics of trade, Pakistan needs to focus on diversification of export markets."
The PTEA chairman called the upcoming edition of Texpo Pakistan exhibition, slated for the second week of April, as a unique opportunity to make inroads into the non-traditional markets by inviting potential importers.
PTEA expects export-friendly policies
Underlining the importance of Pakistan's trade missions abroad, he stressed the need for mobilising such missions to make the exhibition successful.
In the statement, PTEA Vice Chairman Muhammad Idrees labeled Africa, South America, Latin America and Central Asian countries as emerging markets for enhancing Pakistan's exports.
He emphasised that exploration of these markets was the need of the hour for achieving desired economic growth.
Highlighting the trade potential of African countries, he disclosed that Africa had collective gross domestic product (GDP) of $3.3 trillion and an import market of around $500 billion.
"At present, the trade between Pakistan and Africa stands at $3.6 billion with Pakistan's exports at $1.4 billion and imports amounting to $2.2 billion," Idrees said. "By exploring African markets, Pakistan can maximise benefits of exports."
Pakistan needs to explore export-boosting avenues by diverting focus towards non-traditional markets in order to achieve a sizable growth in exports.
"It is vital for Pakistan to broaden its export base in a bid to achieve growth targets and rein in trade deficit," said Pakistan Textile Exporters Association (PTEA) Chairman Khurram Mukhtar in a statement.
Terming the increase in exports essential for improving the economy, he was of the view that textile exporters were making strenuous efforts to achieve the objective.
Textile sector: PTEA demands immediate release of duty claims
"Export diversification has played an important role in the economic development of various countries," Mukhtar pointed out. "Therefore, export growth and diversification are considered engines of economic expansion."
Quoting figures, he lamented that the share of Pakistan's exports in the global market was merely 0.13% as it highly depended on traditional markets. "Reasons behind this were global recession, high cost of doing business and lack of diversification in export products and markets," he said.
Furthermore, traditionally the exports of Pakistan were concentrated in the European Union and the US and the share of these markets was 74.8% in total exports from Pakistan.
"Export products of Pakistan are traditional, labour-intensive and lack technology, which have opened the doors for the competitors," he regretted. "In order to meet the new dynamics of trade, Pakistan needs to focus on diversification of export markets."
The PTEA chairman called the upcoming edition of Texpo Pakistan exhibition, slated for the second week of April, as a unique opportunity to make inroads into the non-traditional markets by inviting potential importers.
PTEA expects export-friendly policies
Underlining the importance of Pakistan's trade missions abroad, he stressed the need for mobilising such missions to make the exhibition successful.
In the statement, PTEA Vice Chairman Muhammad Idrees labeled Africa, South America, Latin America and Central Asian countries as emerging markets for enhancing Pakistan's exports.
He emphasised that exploration of these markets was the need of the hour for achieving desired economic growth.
Highlighting the trade potential of African countries, he disclosed that Africa had collective gross domestic product (GDP) of $3.3 trillion and an import market of around $500 billion.
"At present, the trade between Pakistan and Africa stands at $3.6 billion with Pakistan's exports at $1.4 billion and imports amounting to $2.2 billion," Idrees said. "By exploring African markets, Pakistan can maximise benefits of exports."