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Hosiery, readymade garments exports fetch $3.36bn in nine months

Hosiery, readymade garments exports fetch $3.36bn in nine months

ISLAMABAD: The hosiery and readymade garments exports have fetched US $ 3.36 billion as precious foreign exchange for the country, showing growth during first three quarters of this year.

During the period, Knitwear worth US $ 1749.763 million was exported while readymade garments exports increased to US $ 1609.452 million, showing an increase of 4.2 % in terms of value and 1.56 percent in term of quantity.

The latest data regarding performance of hosiery industry on Thursday revealed that during July-March-2016 knitwear production was 86,338000 dozen as compared to 78,706000 dozen last year, showing a growth of 9.70 %.

The data said there are about 13,372 circular knitting machines, 10,646 flat knitting and 23,241 socks knitting machines spread all over the country. The capacity utilization is around 70 %.

There is greater reliance on development of this industry as there is substantial value addition in form of knitwear, besides locally manufactured machinery, liberal import of machinery under different modes is also being made and capacity based on exports is being developed. The earning as compared to last year was due to lower commodity prices globally.

With regard to readymade garment, the data showed that it has emerged as one of the important small scale industries in Pakistan as its products have higher demand both domestically and globally.

The local requirements of readymade garments are almost met by this industry. Garment industry is also a good source of providing employment opportunities to a large number of people at a very low capital investment.

Generally export earnings from garments have increased significantly. Exports increased from 23.111 million dozens in various types of readymade garments worth US$ 1544.53 million in 2015 as compared to 23.472 million dozens worth $1609.452 million in 2016.

Copyright APP (Associated Press of Pakistan), 2016

Courtesy : BRecorder



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