In the past six months, Pakistan’s knitwear exports grew 10.5 per cent. This was possible following the receipt of outstanding tax refunds and uninterrupted gas and electricity supply. Exporters want the option of being provided refund bonds (promissory notes) with an annual profit of 10 per cent and maturity of three years, which would ensure liquidity for their businesses. Now the knitwear garment sector hopes to be able to raise its exports by 20 per cent in the next six months.
Import duties on hundreds of raw materials used for manufacturing export products have been withdrawn. Pakistan’s knitwear industry plays a vital role in value addition of the textile sector. There is a great potential of further development in this industry as there is substantial value addition in the form of knitwear apparel, sportswear, socks, gloves etc. The knitwear sector is the largest foreign exchange earner as well the largest contributor in textile exports and total exports of the country. Pakistan is diversifying knitwear products to bring more innovations and incentives to boost its exports. This sector has export potential despite remaining under pressure from its competitors mainly Bangladesh, India and the Far Eastern nations. The knitwear sector in Pakistan enjoys top ranking in the textile group and other sectors.