The value of local textile products fell sharply in the first half of current fiscal year primarily because of economic slowdown in the world particularly in USA and Europe-the top export markets of Pakistan.
During July-December 2008-09, the volume of the textile products export rose substantially, however, due to the eroding purchasing power of the consumers in the west, the value of these products nose-dived compared to the corresponding period of previous year.
"The financial crisis in USA and Europe has a spiral impact and Pakistani textile products are no exception to this global issue," Federal Textile Commissioner, Mohammad Idris remarked and said that even India and China saw the value of their products plunging during the period under review.
However, it is heartening to note that domestic products were able to keep their share in these market, he pointed out and stated: "It is now more about keeping the share in these markets intact than the value because of the gloomy situation, which appears to continue for the next two years."
On the other hand, exporters also blame the economic crisis in the western world as the prime factor for fetching less unit price of these products. However, the rupee depreciation helped the local exporters to make-up for the losses.
A glance on the values of the textile products showed that almost all the categories suffered in terms of a fall in their values.
The value of raw cotton plunged by 9.25 percent by fetching $975.4 per metric tonne during first six months of current fiscal compared to $1074.71 per metric tonne in the corresponding period previous year.
For more on this article, please click on the following link: Value of textile exports plunge during 1HFY09: Alibaba
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1 comment:
Textile and Electronics were deeply affected by the economic crisis but China's market have grown. I think there was a shift in exports and earnings to China. [Alibaba]
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