ISLAMABAD: Adviser to Prime Minister on Commerce, Abdul Razak Dawood said that Pakistan’s textile sector is bringing cheer to its flailing economy, with exports set to swell to a record after gaining an edge over South Asian rivals during the pandemic.
In an interview with an international news agency, he said textile exports are poised to surge 40% from a year earlier to a record $21 billion in the 12 months ending June. He predicted that figure would expand to $26 billion in the next fiscal year, surpassing the nation’s total exports last year, he said. The textiles industry — which supplies everything from denim jeans to towels for buyers in the U.S. and Europe — is one of the country’s few economic bright spots.
Textiles amount to about 60% of Pakistan’s total exports and the nation allowed its factories to open ahead of India and Bangladesh when the pandemic first emerged in 2020, drawing orders from global brands including Target Corp. and Hanesbrands Inc.
“A lot of orders actually were shifted from Bangladesh and India to Pakistan” during the pandemic, said Dawood. “The other good thing that’s happening is we are now becoming competitive with Bangladesh.
Three, four years ago, Bangladesh was really beating us.” The government also plans to announce a proposal next month that will likely provide incentives for exports to new markets such as Africa, South America, and Central Asia, Dawood said.
