Textile industry sets $20b export target | Pakistan Today

Textile industry sets $20b export target

All Pakistan Textile Mills Association (APTMA) Chairman Gohar Ejaz has congratulated the textile industry, government policymakers and President Asif Ali Zardari upon the record performance by the sector that achieved $14 billion exports during 2010-11.
He said that country’s exports have reached $13.8 billion for the first time in history, registering stellar growth of 35 per cent against the corresponding period last year. Textile categories like cotton yarn, cotton cloth, knitwear and bed wear have registered exports worth $2 billion, followed by readymade garments which are likely to show a phenomenal growth in exports in the near future. According to him Pakistan’s textile industry is becoming the ultimate choice for international buyers adding that the international textile market also deserves appreciation from Pakistan textile industry for projecting its positive image across the globe. The textile sector of Pakistan posted a 35 per cent YoY increase in exports of cotton in comparison with the corresponding period from last year. The spinning sector, was a major contributor in the strong performance of the textile industry, with its revenues increasing from Rs46.2 billion to Rs71 billion in the first half of 2011. Gross margins of the spinning sector increased by approximately 17 per cent, which was fueled mainly by an increase in cotton and yarn prices during the period, rising by approximately 36.4 per cent. Therefore the overall profitability of the spinning sector rose by 303 per cent YoY to Rs7 billion. Revenue from the composite sector increased by 31 per cent to Rs122.9 billion and overall sales of the textile sector increased by 29 per cent adding up to Rs202.9 billion in the first half of FY2011.
Gohar said that remarkable performance by the textile industry has fulfilled APTMA’s dream of achieving $14 billion exports during the recently concluded fiscal year. Availability of the free market mechanism and priority to the textile industry for energy supply by the President of Pakistan Asif Ali Zardari has played a major role in APTMA’s ambitions bearing fruit, he added.
He said the textile industry witnessed many tough moments during the outgoing fiscal year but a timely support from the President of Pakistan put it back on track, leading to a tremendous performance at the end of the year. He said that the textile industry envisages $20 billion export target during 2011-12, the current fiscal year, with further encouragement by the President, Ministry for Petroleum, Textile, Commerce and Finance in the coming months. He has expressed the hope that a stable business environment with continuous business friendly approach of the government would enable the textile industry to harness further the potential to generate jobs and foreign exchange for the country.
He has expressed his hope that a stable business environment in the future along with supportive policy by the government will enable the textile industry to
harness its true potential that would contribute to generating jobs and bringing in foreign exchange for the country.

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