Textile exports for 2009-10 may rise to $11.5 billion with an increase of 15% as compared to last year, said Textile Industry Secretary Waqar Masood Khan. He said during the first three months of the current financial year textile exports amounted to a monthly average of $823 million compared to $770 million recorded during first six months of 2009.

Last year textile industry was near to achieving $10 billion exports, but its exports for the current year are expected to be around $11.5 billion,  registering 15% increase against last year. The key exports of Pakistan, namely textiles, have started showing positive signs with increase in exports of raw cotton and yarn and some value added-cotton sub sectors. Most notably, knitwear and hosiery have shown a rising trend.

The Textiles Secretary said that the textile policy has contributed significantly in spurring the current momentum. The key initiatives adopted under the policy have already been put in place. These include mark-up support of 2.5% in export refinancing, 5% support in all long-term loans of the industry, drawback of local taxes and levies, reimbursement of regulatory costs of EOBI, and social security for women and handicapped employees of textiles sector and duty-free imports of textiles machinery.

He said that hike in prices of yarn and cotton yarn has compelled the Ministry to take some action to arrest the rising prices of cotton and cotton yarn, which is hurting exports of value-added apparel sector.