The continued decline in Pakistan’s exports is a huge challenge to the country
According to Pakistan’s “Express Forum” report on September 7, Pakistan’s Ministry of Commerce Permanent Secretary Dargar said on Wednesday that Pakistan’s continued decline in exports is a huge challenge to the country. Pakistan’s textile industry itself lacks innovation and competitiveness and should focus on Improve the research and development innovation of textile industry products, pay more attention to brand awareness and product output, and return to the center of the world textile industry market.
The report pointed out that due to the continued decline in exports, Pakistani government departments and the textile industry have been widely criticized for several years. While receiving representatives of the Textile Industry Association on Wednesday, Dargar said that the textile industry sector has always been completely dependent on the government. If this mentality continues, it will be difficult for Pakistan’s textile industry to compete with the textile industries of Bangladesh and India. He said that the government provided financial support of 25-30 billion rupees to textile exporters in the 2016/17 fiscal year, which will increase to 70-80 billion rupees in the new fiscal year. In addition, the government has also launched the “Pakistan Brand” program to promote the image of Pakistani companies overseas, and will hold a Pakistan Expo in November to attract global businessmen and investors. Industry representatives attending the meeting said that the government’s role in supporting textile industry exports is still important. Pakistan’s cotton production has been stagnant over the past 25 years. In 1991, cotton production was 11.5 million bales. By 2017, production had dropped to 10.7 million bales, a decrease of 7%. During this period, India’s cotton production increased from 10.6 million bales to 34 million bales, an increase of nearly 220%. The export performance of Pakistan’s textile industry also lags behind other countries. In 1990, Pakistan’s textile industry exported US$3.67 billion and in 2017 it exported US$12.45 billion, an increase of 239%; while India increased from US$4.71 billion to US$36.63 billion during this period, an increase of 677%. ; Bangladesh has grown from US$980 million to US$30.24 billion, an increase of nearly 30 times. In terms of tax rates, the price of industrial gas in Pakistan is 126%, 62.87%, and 26.5% higher than that of Bangladesh, India, and Vietnam respectively; the price of industrial electricity is 22.2%, 22%, and 37.5% higher than that of Bangladesh, India, and Vietnam respectively; industry representatives Said that the government needs to further reduce electricity and gas prices, otherwise the country will have difficulty improving its export situation. The continued decline in Pakistan’s exports is a huge challenge to the country
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