Bottleneck in the Chinese Textile Market has Sparked an opportunity for Pakistan exporters.
Pakistani Textile Market has felt a domino effect where exports have increased by 24.73 percent year-on-year in dollar terms in the first seven months of fiscal 2021-22.
During this period, Pakistan has earned USD 10.933 billion from textile exports, compared to exports of USD 8.765 billion in July-January 2020-21, according to data from the Pakistan Bureau of Statistics.
Meanwhile, the value of textile machinery imports by Pakistan increased significantly by 77.50 percent year-on-year to USD 504.269 million during the seven-month period.
In fiscal 2020-21 ending June 30, textile and garment exports from Pakistan increased by 22.94 percent to USD 15.400 billion over USD 12.526 billion exports in the previous fiscal.
In fiscal 2018-19, the value was USD 13.327 billion.
Whereas Chinese textile exports were USD 7.30 billion in January 2021, which dropped by 27.68 per cent to reach USD 5.28 billion in March 2021 and recovered again in Q2 2021 to reach USD 7.37 billion in June 2021 owing to the pandemic.