ISLAMABAD
\nPakistan\u2019s textile exports surged to a 26-month high of USD 1.64 billion in August, up 13% from the same period last year. China\u2019s decision to establish a textile industrial park under the CPEC was contributing to enhance the export, according to a report published by Gwadar Pro on Wednesday.
\nThe growth was also attributed to supportive government policies and the efforts of the Special Investment Promotion Committee (SIFC).Data from the Pakistan Bureau of Statistics showed that textile exports were valued at USD 1.46 billion in August last year.
\nSignificant growth was seen across sectors, with knitwear and bedding exports up 15% and ready-made garment exports up 28%.Shagufta Irshad, a research analyst at JS Global, highlighted that these factors have enhanced Pakistan\u2019s appeal as a favorable market for textile products.
\nIn line with the booming local textile industry, China\u2019s decision to establish a textile industrial park in Pakistan under the CPEC framework marks an important milestone in the country\u2019s journey to becoming a global textile hub.
\n\u201cPakistan will benefit greatly from this initiative, with enhanced production capacity, better quality control and focus on value-added products,\u201d said Dr. Liaquat Ali Shah, Executive Director of the CPEC Center of Excellence, in an interview.
\n\u201cThe textile industry, a cornerstone of Pakistan\u2019s economy, has been long struggling with a number of issues, including outdated technology, high production costs and lack of access to international markets,\u201d he said.
\n\u201cChina\u2019s advantage lies in its advanced textile manufacturing technology. Cooperation with Pakistan can give local manufacturers access to the latest machinery and materials, which can greatly reduce production costs.
\nIn addition, strengthening trade agreements that favor sustainable textiles can give Pakistani products a greater competitive advantage in the international market.\u201dPakistan\u2019s cotton yarn exports to China reached $166.37 million, an increase of 65.85%, in the first quarter of 2024, according to statistics of the General Administration of Customs, China (GACC).
\n\u201cChina\u2019s increasing demand for Pakistan\u2019s cotton textiles came because the Chinese industry balanced itself with both exports and local downstream orders. A few years ago, Pakistan\u2019s textile products were in demand only for exports but now it has taken a good market share in China\u2019s domestic market too,\u201d noted Keywin Trading Ltd General Manager of China Operations Sajjad Mazahir.
\nOn the other hand, Mazahir emphasized that for diversification, Pakistan had to provide finished products to the local Chinese market and a lot of effort was required to leverage advantages of the Pakistan-China free trade agreement (FTA).<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Pakistan\u2019s textile exports surged to a 26-month high of USD 1.64 billion in August, up 13% from the same period last year. China\u2019s decision to establish a textile industrial park under the CPEC was contributing to enhance the export, according to a report published by Gwadar Pro on Wednesday. The growth was also attributed […]<\/p>\n","protected":false},"author":2,"featured_media":440874,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-440856","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n