Rising Cost, Energy Shortage, Pakistan'S Textile And Garment Exports Plummeted 12%
Pakistan's exports of textiles and clothing in the first ten months of the 2008 fiscal year dropped by 12% compared with the same period last year.
The main export categories of the country decreased, cotton cloth decreased by 18.5%, cotton yarn 15%, bed sheet 10%, knitted garments 1% and woven garments 12%. Only silk and synthetic textiles grew by 7.75%.
However, the value of textiles and clothing exports in the country amounted to US $8 billion 649 million, down 2.5% from 8 billion 875 million US dollars in the same period last year. This is because during that period the unit price grew by about 11%.
In the first few years of the quota free system in Pakistan, the textile industry of the country performed well, especially in cotton projects, because of the government's policy support, favorable international environment and favorable raw material prices.
But at present, the change of government interest rate policy and the increase of cost have changed the situation. Interest rates rose by 35%, cotton prices surged 42% in the past six months, and inflation in the country reached 17%.
In addition, the energy shortage has seriously affected the textile industry and exports in Pakistan. In the summer, the power shortage was about 2 billion 500 million kilowatts, resulting in a power failure of about 4 to 6 hours per day.
To counter inflation, the government of Pakistan has announced that the minimum wage of non skilled workers should be raised to 6000 rupees per month (about 91 US dollars / month). However, it is reported that most of the enterprises still have the minimum wage, that is, 4000 rupees per month (about 61 dollars / month) to pay salaries per month, which led to the protests of workers in major cities of Pakistan.
In order to maintain the competitiveness of exports, the Pakistan government has invested 31 billion R & D allowances of Pakistan rupees (equivalent to US $470 million) to textile exporters.
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