Pak-China FTA-II, ease of doingbusiness to unlock potential foreign exchange revenue from knitwear sector

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LAHORE: The Pakistan Hosiery Manufacturers & Exporters Association has welcomed the growth of 8.69% in knitwear exports from the country during the first five months (July-Nov 2019-20) of the current financial year compared to the exports in the corresponding period last year, saying the industry is now eyeing on Chinese tariff concessions under FTA-II phase and ease of doing business to unlock the potential foreign exchange revenue from the value-added textile sector. According to data from the Pakistan Bureau of Statistics, approximately 51,240 thousand dozens of knitwear worth $1.320 billion were exported compared to 48,315 thousand dozens valuing $1.215 billion exported last year. According to the data, textile exports stood at $5.5 billion during the same period last year. In November, the textile exports clocked in at $1.17 billion, an increase of 7.03% year-on-year, but a decrease of 3.1% month-on-month. From July to November, value-added textile sector increased in exports. Readymade garments export increased by 13.2%. The knitwear exports increased by 8.7% and exports of bed wear by 4.7%. Raw cotton exports stood at $2.06 million, up 24.91% on a yearly basis, while the cotton yarn exports surged 23.9% in November. INP