Textile, clothing exports likely to surge this fiscal year

Karachi: Textile and clothing exports during the current financial year are likely to rise by 45% on the previous fiscal year, according to projections from the All Pakistan Textile Mills Association (APTMA).

APTMA predicts exports of US$20 billion, up from the current level of US$ 13.8 billion. “We are expecting a record domestic cotton crop of 16 million bales this year. If the average cotton price remains as low as US$1 per pound, we will manage to fetch $20 billion in textile and clothing exports next year,” said APTMA chairman Gohar Ejaz.

He added that the textile industry has achieved record exports of nearly US$14 billion during the last fiscal year in spite of the country’s severe energy crisis. Gohar said the country’s textile industry plans to invest US$7 billion over the next four years to replace ageing machinery, but that high interest rates are hampering this goal.

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