According to Bloomberg, the textile industry is encouraging the country’s ailing economy, with exports likely to hit new highs after the country gained an advantage over South Asian rivals during the pandemic.
According to Abdul Razak Dawood, trade adviser to Prime Minister Imran Khan, textile exports are expected to grow 40% annually to a record $21 billion in the fiscal year ending in June.
During an interview with Bloomberg in his office in Islamabad, Dawood predicted the figure will climb to $26 billion in the coming fiscal year, surpassing the country’s total exports the previous year.
One of the few economic bright spots in the country is the textile industry, which supplies everything from jeans to towels to buyers in the United States and Europe. When the pandemic first intensified in 2020, textiles, which make up nearly 60% of the country’s total exports, were allowed to resume production for India and Bangladesh, attracting orders from global names such as Target Corp and Hanesbrands Inc. .
