Pakistan’s exports grew by 13 per cent during ten months of the ongoing fiscal year compared to the same period last year.Currency devaluation after four and a half years helped in increasing exports.

However exports declined to 20 billion dollars the last fiscal year from 25 billion dollars of a few years before. Exports were adversely affected due to high energy costs, exchange rate appreciation and high import tariffs on inputs and delayed sales tax refunds.

The export package has been extended up to June 30, 2021. The package aims at improving the competitiveness of the textile and non-textile export sectors to continue export growth in the coming financial years.

Pakistan’s exports are expected to remain at 23 billion dollars to 24 billion dollars during the ongoing fiscal year.

The target was set at 35 billion dollars.

Textile exports make up around 60 per cent of the country’s total exports. The textile sector has the largest share in Pakistan’s exports.

Pakistan’s competitors are upping the ante on textile exports to make inroads into more global markets. While China’s share in global textile exports is 36 per cent, Vietnam contributes 12.4 per cent, and Pakistan seven per cent.

Various problems are being faced by the country’s textile sector including the high cost of doing business, multiple taxes and surcharges.