KARACHI: The State Bank of Pakistan (SBP) has reported that textile exporters are losing their share in the US market as compared to other competitors.
The SBP’s first quarterly review said that in the US market the overall import demand for textiles and apparel increased during July-September 2015. It said that following the trend in previous years, the demand for cotton textile, which constitutes the bulk of Pakistan’s exports, continued to decline in the US market.
The textile exports registered a decline of 5.6 percent during the first quarter of 2015/16 mainly due to shrinking global demand. The overall imports of textile and clothing of the European Union declined sharply during the period under review
The overall exports of Pakistan registered a decline of 14 percent during the period under review as compared to the decline of 10.4 percent due to global factors. However, the central bank said Pakistan had been able to increase its share in the EU and US markets.
Share of Pakistan in the EU and US import markets has increased to 0.37 percent and 0.17 percent, respectively, during July-September 2015 as compared to 0.34 percent and 0.16 percent in the same period last year, it added.
The SBP said that the textile exports continued to face subdued global demand. The cloth manufacturing progressed slowly due to depressed demand from the European market, it said. “In the US, Pakistani manufactures are losing their share to other exporting countries such as India and Vietnam.”
