Textile industry, the largest foreign exchange earning sector of Pakistan, has witnessed a decline of 1.65 per cent to US $ 6.156 billion in exports in the first half of the current fiscal. Despite an improvement in export earnings from value-added sector, textiles export failed to grab a growth in Pakistan, this was announced by the Pakistan Bureau of Statistics (PBS). Pakistan exported textile worth US $6.259 billion in the corresponding period of the last fiscal year.
According to data made available by the PBS, textile exports amounted to US $ 1.035 billion in December 2016, almost flat as compared to December 2015, but down 1.21 per cent over November 2016.
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The textile sector of Pakistan has an overwhelming impact on the economy, contributing 57 per cent to the country’s exports. Pakistan has inherent advantage of being 4th largest producer of cotton in the world.
In a bid to improve exports, Pakistani Government recently announced an export incentives scheme of Rs. 180 billion for five export-oriented sectors, including textiles.