FPCCI Prepares Report On Pakistan’s Export Issues
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)’s research and development (R&D) department has penned down a detailed report on export issues faced by the country. The report highlights that Pakistan’s competitors in the textile sector have set targets for their respective textile exports and Pakistan is far behind them.
The report says that Bangladesh has set a target to export textiles worth $60 billion, while India plans on increasing its exports to $30 billion. Pakistan’s overall exports have gone down from $25 billion to $20 billion, with textiles share in it being 61 per cent. Textile sector has the largest share in Pakistan’s export.
Some of the problems that the textile industry of the country faces include multiple taxes and surcharges of up to 11 per cent, lack of complete implementation of government’s support in Strategic Trade Policy Framework (STPF) and textile package, low cotton bales production, uncompetitive utility and problems pertaining to raw materials, as per the study.
Pakistan’s textile export has declined by close to 10 per cent between 2011 and 2018, while exports from India, China, Bangladesh, Vietnam and Sri Lanka have increased at a compound rate of 20 per cent, said Pakistani media reports quoting the FPCCI report.
The Export Advisory Committee of FPCCI was consulted to conduct the study. This committee has been formed to submit proposals to increase Pakistan’s exports.