Supported by higher cotton output, Pakistan’s gross domestic product (GDP) growth is likely to rise by over 5 per cent in the current fiscal year, predicts the All Pakistan Textile Mills Association (APTMA).

Pakistan’s cotton arrivals from farms have increased by 100 per cent to 3.8 million bales. By October 1, over 3.846 million bales of cotton had arrived in local markets as compared to 1.907 million bales by the same time in the previous year.

The country also plans to set up 100 new textile mills under the new textile policy, which would boost exports by over $20 billion, adds an APTMA official. The new units would help attract foreign investment of over $5 billion besides providing more than 500,000 jobs to the local people, he adds further.

In July-August 2021, Pakistan’s textile exports increased by 28.68 per cent to $2.93 billion as against exports of $2.28 billion in the same period of previous year, according to recent data of the Pakistan Bureau of Statistics (PBS).

Cotton yarn exports rose by 67.97 per cent to $193.39 million from $115.13 million in the corresponding period of previous year.

Likewise, cotton cloth exports surged by 24.74 per cent to $367.62 million from $294.72 million, whereas exports of cotton (carded or combed) increased by 100 per cent to $0.77 million.

By Fashionating World
https://www.fashionatingworld.com/new1-2/pakistan-s-gpd-to-rise-by-over-5-this-year-aptma