Pakistan’s exports of readymade textiles for July to May were up by 13 per cent. In terms of quantity, readymade garment exports surged 15 per cent. In May, the country’s exports of readymade garments were up by 24 per cent compared to May 2017. Readymade garment exports grew by 27 per cent in May 2018 from May 2017.
Textile exports make up around 60 per cent of the country’s total exports. The textile sector has the largest share in Pakistan’s exports. Pakistan’s competitors are upping the ante on textile exports to make inroads into more global markets. While China’s share in global textile exports is 36 per cent, Vietnam contributes 12.4 per cent, and Pakistan seven per cent.
Pakistan predominantly being a textile export economy is struggling to maintain its share in global textile markets both in basic and value added textiles. Pakistan is the only country in the region that saw its total textile exports decline by ten per cent between 2011 and 2018.
Other economies like China, India, Bangladesh, Sri Lanka and Vietnam increased exports at a CAGR of 20 per cent or more during the same period. Vietnam, a relative newcomer in the sector, posted a CAGR of 107 per cent followed by Bangladesh at 61 per cent.