Textile sector records $1.49 billion exports in July: official

Web DeskWeb Editor

31st Aug, 2021. 11:07 am
Value-added textile exporters slam 300% higher taxes

ISLAMABAD: The textile sector achieved pinnacle of its performance in July by recording $1.49 billion during the first month of the current fiscal year 2021/22, a government official said in a statement.

Minister of State for Information and Broadcasting Farrukh Habib said that when the Pakistan Tehreek-e-Insaf government came into power in 2018, the textile sector was at a halt and the best price for power looms were being offered at scrap yards due to weak [economic and commerce] policies of Pakistan Muslim League-Nawaz (PML-N) government.

“Today, [the] textile sector is booming. In July [2021/22] alone, [the] textile exports reached $1.49 billion, which is 17 per cent higher than July last year,” he added.

Prime Minister Imran Khan’s export-friendly steps have started bearing fruits, the minister said, while pointing to 19.7 per cent growth in the overall exports during July 2021/22. The exports were recorded at $2.3 billion in July, he added.

Habib said that a surge in exports helped raise the foreign exchange reserves of the country, amid a whopping rise in the sector exports.

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