LAHORE: Despite the power crisis, a relatively improved energy supply to the textile industry has resulted in a 21% increase in exports in December 2013, compared to the corresponding period the previous year. The industry is in a better position to achieve its $3-billion export target, said All Pakistan Textile Mills Association (APTMA) Punjab chapter Chairman S M Tanveer.
Tanveer, while briefing the media, expressed hope that a bullish textile sector growth can also ameliorate the current account deficit that is presently at $18 billion. He said the APTMA has a complete plan to match textile exports to the annual current account deficit of the country. According to him, the rupee has also appreciated against the dollar due to improvements in the textile and unemployment has also come down to 6% in December 2013 against 6.20% in December 2012.
He was confident that the Pakistani rupee will appreciate to Rs102 against the dollar with further improvement in textile exports. He said that large scale manufacturing has registered a bullish trend during the same period, with growth rising to 5.23%.
According to him, value-added products have seen growth rates jump from 17% last year to 46% this year, which is a healthy sign.
Seth Akbar, APTMA senior vice-chairman, said the current industry trend is encouraging mainly due to the energy supply. He said the Punjab-based textile industry was crippled due to energy constraints, and for the first time, the government has realised the fact and ensured energy supply under a special arrangement during the winters.
He said APTMA has proved that the industry can perform well if energy supply remains intact.
Published in The Express Tribune, January 23rd, 2014.
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