Pakistan knitwear exports continue to soar
knitwear exports from Pakistan: The second half of 2021 saw a steady uptick in Pakistan’s knitwear exports, which increased by 35% to US$2.5 billion from $1.85 billion during the same period in the previous year. According to the most recent data from the Pakistan Bureau of Statistics, global textile exports increased by 26% to $9.38 billion in the first half of the current fiscal year 2021–2022 compared to $7.44 billion in the same half last year. Exports of cotton yarn, which climbed by 52.3% to $610.4 million during the half from $400.73 million the previous year, were one of the other industries that saw substantial growth. In other industries, exports of bed linens rose by 19% to $1.65 billion, towels by 17.5% to $523.7 million, and ready-made clothing by 22.9% to $1.83 billion. Imports of textiles significantly increased in Pakistan as well. During the six months under examination, total imports increased by 66.2% to $40.6 billion.
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Knitwear industry stakeholders have asked the government to give them representation at meetings about textile exports.
According to a statement released on Tuesday by the chief coordinator of the Pakistan Hosiery Manufacturers and Exporters Association (PHMA), Muhammad Jawed Bilwani, the country’s exports of knitted garments increased by 36.57% in the 2020–21 fiscal year. The nation’s total exports increased from $21.4 billion in FY20 to $25.3 billion in the previous fiscal year, with textiles accounting for 60.86% of those total exports. According to him, hosiery products have a 15% market share in the textile industry and have the potential to make up 25% of all textile exports from the nation.
In the fiscal year 2021–2022, knitted garment exports will account for 20% of all exports, according to Bilwani. He said that if the government had carefully evaluated the knitwear industry’s suggestions and dealt with all of the concerns and challenges raised by businesspeople, the contribution of knitwear garments to overall exports in the 2020–21 fiscal year would have been significantly higher. From $2.8 billion in FY20 to $3.8 billion in FY21, hosiery exports increased in value. “Despite the negative effects of the Covid-19 epidemic, knitwear exports saw a gain of 36.6%,” he stated. The section became the top earner of foreign exchange in the prior fiscal year, bringing in $3.81 billion.
Knitwear exports witness a 35.21% increase
ISLAMABAD; When compared to the same period last year, the exports of knitwear increased by 35.21 percent during the first half of the fiscal year 2021–22. Knitwear worth US$2,500,461 was exported from July through December of 2021 as opposed to $1,849,596 during the same time period in the previous year. According to figures issued by the Pakistan Bureau of Statistics, ready-made clothing exports climbed by 22.93% during the same period last year, reaching US $1,831,856 from US $1,490,157. Additionally, exports of bed wear climbed by 19.04% as well, totaling US$1,659,646 during the current fiscal year compared to US$1,394,182 during the same period the previous year.
He went on to say that the amount of foreign exchange earned by the industry was 37.68% more than export receipts for bedwear and 25.83% more than receipts for ready-made or woven clothes. According to him, the knitwear industry’s overall foreign exchange earnings would increase to $4.5 billion if the export of knitted bedsheets and fabric were taken into consideration. This would represent 29.2% of the textile industry as a whole and 17.91% of all exports. He expressed his gratitude to the hosiery industry’s exporters for reaching the milestone despite the difficulties the pandemic brought them. In order to significantly increase exports, he urged Prime Minister Imran Khan to concentrate on the knitwear industry. Bilwani emphasized that knitwear items were one of Bangladesh’s main exports, accounting for 43.66% of all of Bangladesh’s exports. He stated that although there was a $208 billion yearly demand for knitwear, Pakistan’s contribution to world knitwear exports was a pitiful 1.83%. He believed Pakistan had the resources to increase hosiery exports in a short amount of time. However, he noted that the government had neglected to communicate with knitwear industry stakeholders about increasing exports while officials from the rest of the textile chain had been called to meetings.
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