Exports of the value-added textile sector in Pakistan rose in the first seven months of the fiscal year 2016-17. Exports of bed wear were up 5.07 per cent and exports of readymade garments rose 4.17 per cent in the July-January period of 2016-17.
Knitwear exports remained almost flat. Overall textile sector export revenues were down 1.54 per cent over the previous fiscal year. In January, textile exports increased 2.73 per cent over the preceding month but decreased 1.3 per cent over the same month a year earlier.
An incentive package worth Rs180 billion was offered export-oriented sectors, mainly the textile industry, which accounts for more than half of the annual exports from the country. The package comprises withdrawal and concessions on customs duty and sales tax on import of cotton and machinery.
Machinery imports soared 42.36 per cent in the period under review. Power generation machinery imports rose 90 per cent over the previous year. Imports of electric machinery and appliances also rose 16.14 per cent. In January, machinery imports increased 50.17 per cent over the same month a year ago and rose 14.24 per cent over December 2016. In July-January, import bill of machinery was the heaviest, accounting for almost a quarter of gross imports during the seven months.