Despite the epidemic, knitwear increases export momentum. The Express Tribune
Knitwear and hosiery exports grew by 12.3% year-on-year in the first four months (July-October) of the current fiscal year despite global economic disruption due to the Kovid-19 epidemic.
This textile sub-sector earned the highest foreign exchange of $ 1.183 billion for the country as compared to $ 1.053 billion in the corresponding four-month period of the previous year.
According to data compiled by the Bureau of Statistics of Pakistan (PBS), the number was 25% higher than exports of readymade or woven garments, 32% higher than bed wear exports and 318% higher than towels exports.
“The knitwear apparel sector continues to hold the top position in the textile sector and other groups,” said Riyaz Ahmed, central president of Pakistan Hosiery Manufacturers and Exporters Association. PHMA South Zone Chairman Tariq Munir praised the government for taking all necessary measures to increase exports by prioritizing the export zones and implementing separate gas and electricity tariffs for the five major export-oriented industries.
PHMA North Zone President Farooq Iqbal stressed that if the government considered proposals for the knitwear sector, solved all its problems, ensured smooth availability of basic raw materials – cotton yarn – and uninterrupted supply of utilities, The sector increased its exports by almost 30 times — 50% annually.
Ahmed said, “The global export of knitwear was worth $ 237 billion in 2019, while according to trade map data and Pakistan’s knitwear exports came in at $ 2.79 billion, with a mere 1.17% share.”
According to a report by Pakistan Cotton Ginners Association (PCGA), the chairman of the South Zone said that Pakistan’s cotton production has increased from 6.85 million bales to 4.02 million bales, a 41.27% decrease as of 15 November.
Iqbal said, “This shortage will have a very bad impact on textile exports, especially in the knitwear (hosiery) sector, which is labor intensive and provides about 40% of urban employment especially to women employees.”
“Therefore, the government should allow duty-free import of cotton yarn as it has already allowed duty-free import of cotton.”
The central chairman praised the government, especially the Federal Board of Revenue (FBR), for improving refund processing by making changes from FIRS to FIFTER Plus system, which efficiently refunds within 42-72 hours without human involvement Was processing claims.
Published in The Express Tribune, 22 Novembernd, 2020.