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Bangladesh a growing textile exporter, Pakistan lags behind

Bangladesh has overtaken Pakistan as a leading cotton exporter even overtaking India and Vietnam. Pakistan which was the fourth largest exporter of cotton was overshadowed by Bangladesh in the race. Pakistan lead by is embroiled in its fight against terrorism, labor problems, corruption and growing Chinese monopoly. While Bangladesh faces extremism but it’s not affecting the market base. The European Union has allocated trade packages to Pakistan but the country has not utilised it fully. On the other hand Bangladesh has optimistically utilized trade packages provided by the European Union.

In July-December of the current fiscal year, Pakistan exported textile products worth $1.365 billion while Bangladesh clocked in $8.041bn from exports during the same period. Pakistan’s exports were just 17 per cent of the exports by Bangladesh. Textile exports from Pakistan, which is able to buy cheap cotton produced within the country, have been in declining, although they still constitute about 58 per cent of the country’s total exports. Even the Ministry of Commerce failed to bring any improvement in the situation. Neither incentive nor the commerce minister’s frequent visits to abroad could bring any positive change in this regard. In comparison Bangladesh textile exports was 82per cent of its total exports and 20 per cent of its GDP. Textiles made it the fastest-growing developing country, which achieved GDP growth rate of more than 6.5 per cent. Bangladesh has set a target of $50bn exports for 2021. Its exports are expected to surpass $40bn in 2020.

Foreign Investment is lacking in Pakistan due to terrorism. Pakistan mainly exports readymade garments, knitwear and bed-wear to the EU, which has the highest share in the country’s textile exports. In fact, Nawaz Sharif in January had announced a Rs 180 billion incentive package to boost exports. Easygoing textile exporters like to export cotton, cotton yarn and gray cloth, which are considered semi raw materials. Data shows Pakistan exported cotton worth $2.289bn in July 2016-Feb 2017, which is slightly lower than last year.

 
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