It was a year for the record books in Pakistan’s textile industry, with exports skyrocketing to $12.5 billion--an increase of more than 34 percent over the previous year. From the July 2010 to May 2011 time period, textiles accounted for about 56 percent of Pakistan’s overall export income.
Analysts say that at least part of the increase was due to slightly stronger economies in the West, as the United States and Europe begin to consume more as they rise from the global recession. It also helped that cotton prices were hovering at or near all-time highs, which allowed Pakistan to generate more income from its textile exports.
Specifically, cotton yarn exports were up 54 percent to slightly more than $2 billion, while cotton cloth exports increased 40.59 percent to $2.3 billion.
Pakistan suffered through flash flooding earlier this year, which dropped cotton production expectations from 14 million bales to 11.7 million. While the quantity of textiles that was exported dropped by more than 17 percent, the value received for those shipments exploded to $327 million, an increase of 68 percent over the previous year--largely due to higher prices in the international marketplace