Pakistan’s gross domestic product (GDP) growth will rise past 5% in the current fiscal year, supported by higher output of cotton, which is a key non-food crop of the country, predicted the All Pakistan Textile Mills Association (Aptma).
“Cotton arrivals from farms are up by 100% to 3.8 million bales,” the association said in a statement on Tuesday, adding that it would help the country to exceed 5% GDP growth as well as increase exports.
By October 1, over 3.846 million bales of cotton had arrived in local markets as compared to 1.907 million bales by the same time in the previous year.
“Around 100 new textile mills will be established in the country under the new textile policy, which will help in raising exports by over $20 billion,” an official of the association said.
The new units would help attract foreign investment of over $5 billion as well as provide more than 500,000 jobs to the local people, the official added.
In July-August 2021, textile exports increased by 28.68% to $2.93 billion as against exports of $2.28 billion in the same period of previous year, according to recent data of the Pakistan Bureau of Statistics (PBS).
Cotton yarn exports rose by 67.97% to $193.39 million from $115.13 million in the corresponding period of previous year.
Likewise, cotton cloth exports surged by 24.74% to $367.62 million from $294.72 million, whereas exports of cotton (carded or combed) increased by 100% to $0.77 million.
Data breakdown suggests that on a year-on-year basis, towel exports increased by 20.67% in July-August 2021 to $160.61 million from $133.10 million; readymade garments by 22.57% to $584.91 million from $477.21 million; art, silk and synthetic textile by 34.08% to $69.20 million from $51.61 million; made-up articles (excluding towels and bed wear) by 21.26% to $133.19 million from $109.84 million and other textile material by 37.44% to $119.22 million from $86.74 million.
In August 2021, the textile exports rose by 45.19% as compared to the same month of previous year.
Published in The Express Tribune, October 6th, 2021.
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