Textile Exports May Achieve $20billion Target for FY 2021-22
As approximately 100 textile mills are being constructed in Punjab and Sindh, it is expected that the country’s textile exports would surpass the $20 billion mark for the fiscal year 2021-22.
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Taking into account the country’s continued export-led expansion, local entrepreneurs have invested $2.5 billion in this building.
According to millers, the country’s textile exports increased after the government understood the challenges facing the industry and acceded to the industry’s demand that gas and electricity tariffs be made regionally competitive with India, Bangladesh, China, and Vietnam.
Presently, the group represents 250 textile factories, 180 of which operate solely in Punjab. Government and industry projections for textile exports for fiscal years 2021-22 and 2022-23 will be aided by the establishment of additional 100 units.
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The textile and apparel industry exported $15.3 billion in 2020-21, $2 billion more than in 2019-20. In 2021-22 and 2022-23, textile exports are predicted to surpass $20 billion and $25 billion, respectively.
According to him, textile exports experienced a remarkable 23 percent increase to around $15.4 billion in fiscal year 2020-21.
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