Increase in textile exports during and post COVID in Pakistan
Have you ever thought that the textile industry is considered the biggest developed industry in the region of Pakistan? Yes, that’s a fact. Let’s see how?
Pakistan is working as the eighth biggest exporter of textile supplies in Asia. The textile sector can add 8.5% to the GDP of our country. Moreover, this sector contributes approximately up to 45% of the whole labor force in the country. Not only this but Pakistan is the fourth biggest manufacturer of cotton with the third biggest whirling capacity in Asia after China and India and adds 5% to the global spinning ability. Furthermore, the textile industry is the major progressive field in Pakistan and by taking some good and consistent decisions Pakistan can become a top exporter in this sector
Impact of COVID-19 on Textile Exports
COVID-19 which is most formerly known as the coronavirus was first identified in Wuhan, a city in China in December 2019. After this, it got widespread in other countries and affected up to 42 million people. This in turn resulted in a massive death count of nearly 1.1 million. The major countries that have been affected by this viral disease include the USA, India, Canada, Spain, Malaysia, Italy, France, Germany, and the UK. Not only this but COVID-19 has disturbed many sectors and affected almost every country. No one can ignore the massive losses that occurred because of COVID in the field of economy, health sector, and many more. Specifically talking about the textile sector of Pakistan, the Textile field is considered the backbone of the economy of Pakistan. Moreover, Pakistan majorly exports supplies consisting of textiles, cereals, leather, clinical apparatuses, chemicals, etc. This in turn increases the revenue for Pakistan.
Export Situation of textile during COVID-19 pandemic in Pakistan
Pakistan’s textile industry division has gone over diverse challenges during the time of the Covid-19 epidemic issue. During this critical time, the Pakistani textile sector has faced some ups and downs throughout the pandemic span. The export reduced from 12,782,608 thousand dollars to 13,580,585 thousand dollars during 2019.
The reason behind this decline is based on different factors which include modifications in the financial and economic policy created at the federal level, termination of orders, and delivery delays because of globally imposed lockdowns.
Although the Textile sector remains progressive even after these challenges because many orders from India, Bangladesh, and China have shifted to the Pakistan textile industry, surging the order rate up to 60%.
Not only this but due to the severe onset pandemic in China, most of the orders got shifted to Pakistan. This proved a little beneficial not only for the country but for the economy and textile industry too. To boost the textile field Government of Pakistan has taken many worthy decisions to tackle the challenges of COVID-19 and gain more international orders. Hence, we can say that during this pandemic period, Pakistan has successfully beaten India, China, and Bangladesh.
Textile Exports in COVID: Government Policies
The government of Pakistan tried to overcome problems by implementing different policies for the industry. Some of them include a decrease in policy rates, refinance policies to upkeep employment level and avoid layoffs, decreasing taxes at the federal along with regional level, upgrading of digital payments, dropping utility costs, the short-term discount of social insurance payments, and upkeep initiatives unpromising layoffs along with online payment method by State Bank of Pakistan and also by commercial banks.
These policy measures proved fruitful, and they helped the textile sector to strengthen day by day.
Export Situation in textile sector after COVID-19
Moving on, Pakistan’s textile exports flowed high by making $6.04 billion in profit in the first four months (July-October) of the economic year (2021 to 2022) which increased revenue in the value-added sector.
Now, Pakistan’s textile export is believed to stand at $4.76 billion in the last financial year. However, it is important to note that these facts are provided by the Pakistan Bureau of Statistics (PBS) and the All Pakistan Textile Mills Association (APTMA).
According to figures provided by PBS and APTMA, the export of textile products recorded a 25.6 percent development in October during 2021-22. Whereas export of textile goods displayed a development of nearly 9 percent beside $1.49 billion export in the previous month of September of current economic year.
ATPMA which is considered the leading representative body of textile mills in Pakistan accredited that the outstanding development in the export of textile goods to subsidized energy cost, gives the textile sector in Pakistan a big relief and the motivation to flourish more.
Furthermore, the export of Pakistani textile has touched new heights in the last couple of years. Thankfully, the COVID-19 situation is much better, and restrictions are uplifted from the whole world making it a better chance for the textile economy to flourish.
If Pakistani textile wants to remain in the competition and earn a name in this industry then Government is suggested to provide relief packages to local industries so that they can work with more devotion and Pakistan can earn even more profit.
Triple-M Group of Industries
There are private sector companies that are doing well in the field of textiles and increasing export from Pakistan. If you are associated with the field of textile, then you surely have listened to the name of Triple-M Group of industry.
We are known as one of the most reliable, highly experienced, and proficient with skilled labor and staff and complete every order with full dedication. We have expertise in this field with an experience of 47 years and completed all the orders as per the demand of clients.
Our dedication and hard work made it possible that the company is progressing exponentially in this field. Moreover, our business is not merely confined to the making and production of yarn, attires, fabrics, outfits, and home textiles. We have also earned fame in the field of Real Estate like housing and commercial progress along with dedicated software development companies. Do you want to know further information about the Triple-M group of industries? So let’s start.
Expertise field of Triple-M Group of Industries
Triple-M Group of Industries has local customers and also worldwide like Pakistan, India, the US, UK, UAE, and many other countries. Customers either local or foreign are consistently placing their orders because they are satisfied with the services of Triple- M Group of Industries. Our industry is flourishing and growing rapidly in the following sectors.
⦁ Real Estate
Triple-M Group of the industry has gained clients’ trust in all these three fields which ultimately make those customers their permanent clients. All facilities provided by us is according to the requirement and needs of their customers, so they get what they expect from us
Al-Karam, a subordinate of Triple-M Group of Industries
Al-Karam import & Export is a subsidiary project of Triple-M Group of Industries that deals with Women clothes. Majority of its vendors are from Dubai, India and UK that import women clothing.
Pakistan is an under-developed country and lacks in different fields because of the improper and inconsistent policies of the government. The textile sector in Pakistan is considered the strength because in this field Pakistan is making progressive and top-notch products, but due to the carelessness of the government and not providing resources to the local industrial sector, Pakistan is also lacking in this domain for many years.
However, during the pandemic, many competitors remained under severe restrictions like China, India, and Bangladesh and their orders shifted to Pakistan which provided a golden opportunity for local industries to earn more profit.
Now as the condition of the pandemic is much better and now those competitors’ countries are coming back to the market, the Pakistani government needs to give attention and provide consistent guidelines and relief packages to local industries, so they work in a comfortable environment and produce quality-oriented items to beat competitor’s product in the international market.
Some expert industries like Triple-M Group of industries are doing well in this field and dominating Pakistan in the international market. Government should appreciate such industries and encourage them so they do more than today and make Pakistan a progressive country.