During previous international event in 2011, Pakistan fetched more than $31 million worth of orders for different categories of textile products, they added.
Adviser to Prime Minister on Textile Dr Mirza Ikhtiar Baig inaugurated the 9th Textile Asia 2012 event at Karachi Expo Centre.It is the largest annual textile and garment machinery show of textile industry of Pakistan.
This year more than 276 exhibitors from 39 countries representing 369 international brands are participating in the event.Besides a large number of textile sector’s representatives along with 271 foreign delegates are attending the exhibition.The demand for textiles in the world is around $18 trillion, which is likely to be increased by 6.5 percent. China is the leading textile exporter of the world’s total exports of $400 billion. Export of China stands at $55 billion, Hong Kong $38 billion, Korea $35 billion, Taiwan $16 billion, and Indonesia and Pakistan $14 billion.
Pakistan has emerged as one of the major cotton textile product suppliers in the world market with a share of world yarn trade of about 30 percent and cotton fabric about 8.0 percent, having total export of $13.8 billion, which accounts for only 1.2 percent of the overall share. Out of this cotton fabric is 0.02 percent, made-ups 0.18 percent and garments is 0.15 percent.Textile sector is the backbone of the country’s economy having 56 percent of total exports and 38 percent job creation in the manufacturing sector. Nearly all the world-renowned brands are manufactured in Pakistan keeping high standard of international quality and competitiveness.Pakistan is the fourth largest producer of cotton yarn and cloth in the world after China, which is number one besides, Pakistan ranks second in export of yarn and third in export of cloth and fourth largest producer and consumer of raw cotton.
The textile sector in 2011 has registered an impressive growth of 38 percent and it was expected after European Union’s (EU) duty free export of 75 products from Pakistan out of which 65 are textile products, the sector would fetch more than $25 billion export target. The EU facility is initially for two years, extendable for third year after which Pakistan would quality for Generalised System of Preferences (GSP) plus status to export duty free to EU as per revised criteria agreed with EU. – Dailytimes