Textile exports hit 26-month high

Pakistani textile firms are reportedly receiving additional export orders from global buyers due to rising costs and political instability in competitor Bangladesh, along with international restrictions on China. As a result, the industry's exports hit a 26-month high of $1.64 billion in August 2024, marking a significant 13% increase compared to the same month last year. In a commentary titled 'Textiles: Recovery in Cotton and Value-Added Product Prices,' JS Global Research Analyst Shagufta Irshad explained that rising costs and political unrest in Bangladesh, combined with restrictions on China, pushed global clothing importers to shift to alternative markets, including Pakistan, India, and Vietnam. "We believe the 28% year-on-year jump in Pakistan's exports of ready-made garments, along with a 15% rise in knitwear and bedwear exports in August 2024, is partially due to this shift," said Irshad.