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Textile exports unlikely to meet target of $16bn in FY 2013-14

Textile exports unlikely to meet target of $16bn in FY 2013-14

LAHORE: Textile exports are likely to underperform during the fiscal year 2013-14 due to the shortage of favourable conditions, experts have estimated.

Experts said, “Textile exports are expected to stand at $ 14 billion for FY 2013-14 as against the target of $ 16 billion on account of shortage of electricity and uncertain law & order situation.”

The total exports of the country stood at $ 16.9 billion in eight months of FY 2013-14 as compared to $ 15.9 billion last fiscal year, they said, adding that textile exports being a major contributor to the total exports of the country accumulated 54% amounting to $ 9.16 billion.

Exports of the textile sector posted a growth of 8.28% during the eight months of the current fiscal year. Within the textile sector, major contributions came from exports of bed wear, increasing by 20.8% to $ 1,409 million fuelled by increased demand from EU as its quantity grew by 19.7%.

Similarly, cotton cloth registered 8.5% growth. Exports of the cotton cloth increased to $ 1,879 million in 8 months following a 12.2% increase in the quantity. Moreover, the knitwear and readymade garments segment surged by 8.4% to $ 1,481 million and 9.2%  to $ 1,260 million respectively.

Exports of the textile group stepped up by 3.1% to $ 1,131 million in the month of February 2014 against January 2014. The main reason behind this growth was an upsurge of demand from the European Union on the back of granting GSP plus status to Pakistan which started from January 2014, the experts concluded.