Pakistan’s knitwear export surged 36.57 per cent during 2020-21 over 2019-20. And it aims to increase its share to 20 per cent in 2021-22. The country’s earnings from knitwear exports are 25.83 per cent more than earnings from woven garment exports, 37.68 per cent more than exports of bed wear and 307 per cent more than exports of towel.
While Pakistan’s share in total world imports of knitwear is 1.83 per cent Bangladesh has 8.12 per cent share. About 30 per cent of small and medium units have closed in Pakistan in the last two years after the imposition of a 17 per cent sales tax.
Pakistan’s knitwear garment sector has topped the list of the textile groups for three years and it also provides the highest employment in the textile group. The country’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. 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 and the Far Eastern nations.