Pakistan’s textile exports have grown 25.52 per cent year-on-year to $19.3 billion in the fiscal year 2021-22, according to the latest data released by the Pakistan Bureau of Statistics (PBS).
Topline Research textile analyst Saad Ziker told a news outlet that under the value-added category, the knitwear segment remained the top performer by posting 34 per cent growth in exports to $5.1 billion in FY22 due to a sharp rise in global demand.
The ready-made garments, bed wear and towel segments posted YoY growth of 29 per cent, 19 per cent and 19 per cent to $3.9 billion, $3.3 billion and $1.1 billion respectively.
He said that exports grew owing to increased volumetric growth of 16 per cent YoY in the value-added segment, steep rise in global demand and record high cotton prices.
Aba Ali Habib Securities analyst Ali Asif said: “The textile sector provides a major cushion against the deteriorating economic climate since its exports account for around 60 per cent of Pakistan’s total export volume.”
He, however, predicted that a slowdown is expected in textile demand amid burgeoning inflationary pressures in the exporting destinations, especially in the United States and European countries, which may aggravate the situation for Pakistan by increasing the trade imbalance.