Pakistan's textile industry exported $1.49 billion in July

According to a government official, the textile sector reached a peak in July, recording $1.49 billion during the first month of the current fiscal year 2021/22.

Farrukh Habib, Minister of State for Information and Broadcasting, stated that when the Pakistan Tehreek-e-Insaf government took power in 2018, the textile sector was paralysed and the best price for power looms was being offered at scrap yards due to the Pakistan Muslim League-Nawaz (PML-N) government's weak [economic and commerce] policies.

“Today, the textile industry is thriving. “In July [2021/22], [the] textile exports reached $1.49 billion, a 17% increase over July last year,” he continued.

Prime Minister Imran Khan's export-friendly policies have begun to yield fruit, according to the minister, who pointed to a 19.7 percent increase in overall exports in July 2021/22. He noted that exports totaled $2.3 billion in July.

Habib stated that a jump in exports helped boost the country's foreign exchange reserves, despite a massive increase in sector exports.