FAISALABAD: Textile export industry has entered into a sustainable economic growth phase with a focus to achieve $21 billion mark in FY-2023; however, scarcity of raw materials may put the growth on reverse gear. Government must accord immediate remedial measures by lifting the ban on import of Indian cotton to meet its industrial requirements.
In a statement here on Friday, the pattron-in-chief Pakistan Textile Exporters Association (PTEA) Khurram Mukhtar said textile industry has picked up a growing pace witnessing a sharp surge of 4.18 percent year-on-year to $3.05 billion in the first two months of FY 2023.
Jul-Aug textile group exports up 4.18pc to $3.056bn YoY
However, emergence of an economic crisis will be an instant setback, coupled with rising manufacturing expenses and escalating prices and shortage of raw material are among various factors which may hit the growing trend.
Elaborating, he said that torrential rains and floods have engulfed Pakistan’s cotton fields resulting in irreparable loss to the sector. A total of 25 percent of the standing cotton crop over 210,000 acres of land has been affected due to the floods and there is a possibility of raw material shortage in Pakistan.
Country’s textile sector requires about 12-14 million cotton bales on an annual basis, though local cotton production is expected to be around 6.5 million to 7.5 million bales this year and this shortfall is expected to be met through imports.
Copyright Business Recorder, 2022
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