PAKISTAN: Garment export target in risk
BharatTextile.com (subscription), India
ISLAMABAD: The target of garment exports in the current fiscal ending June 30 is in jeopardy due to the tough competition in the international market and increased costs in the country. Pakistan hopes to export garments worth over $3,000 million in the current fiscal; experts said here on April 24.
Exports of readymade garments currently stand at $1,993 million. Exporters have to fill the gap of $1,259 million in about three months which seems quite difficult.
Though the exports ratio has increased in terms of value, its share in the country’s total exports has shrunk to 7.7 percent from last year’s 10 percent.
Although exports of readymade garment grew 14 percent in July 2005-February 2014, the country’s share in the international market has been declining.
The consistent efforts of the industry, coupled with assistance from the government, had resulted in market diversification and exploration of new trade avenues.
Since the European Union (EU) countries are considered among the biggest markets, Pakistan’s exporters have been concentrating on them and striving to get further trade access in the region.
About 800 members of the Pakistan Readymade Garments Manufacturers and Exporters Association are engaged in exporting garments mainly to EU countries and also to the United States, Canada, the United Arab Emirates (UAE) and Japan.
Pakistan is ranked 21st in the US market with a 1.7 percent share against India’s eight place and 3.4 percent share.
Pakistan is 11th in the EU market with a 1.1 percent share against India’s eighth with a 3.4 percent share.
