According to the “Business Record” report on January 23, the Central Bank of Pakistan recently released the “Pakistan Economy (First Quarter of Fiscal Year 2018)” report, which showed that textile exports increased by 7.9% in the first quarter of fiscal year 2018, compared with 6.3% in the same period last year. The growth rate has increased. The report pointed out that this figure is basically consistent with the data released by the Bureau of Statistics in previous months. The export of high value-added products contributed 40% to the growth of total exports. Ready-made garments and knitwear have become the leading exporters in the textile industry, with growth rates of 16% and 9.5% respectively in the first quarter. In the central bank report, the recovery of textile exports was attributed to the growth of consumption in traditional export markets such as the European Union and the United States. However, the report also pointed out that although exports in these regions have recovered, the textile market share in the United States and Europe is still low at only 3.55%, which is lower than India (7.23%), Vietnam (7.13%). The report pointed out that the central bank’s “Pakistan Economy” report last year emphasized that “the textile industry is still concentrated on cotton textiles and related products”, but global consumer preferences have shifted to synthetic fibers, and the textile industry should keep up with global trends. Pakistan’s textile industry still needs to maintain high value-added growth
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