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Textile machinery imports rise 40.75% in 2009-10
Daily Times - Leading News Resource of Pakistan
By Tanveer Ahmed
KARACHI: Textile machinery imports jumped to $297 million in the financial year 2009-10 from $211 million in the previous financial, registering a growth of 40.75 percent.
Growth in the textile machinery is an encouraging sign that all is not lost in the textile sector, which has remained in the grip of uncertain and gloomy conditions for the last few years.
The high import of textile machinery is evidence of the fact that textile sector is re-emerging from the past bad conditions when its future was looking bleak due to stiff competition by its competitors, textile industry people felt.
During the last month of outgoing financial year, the import of textile machinery went up even further when it grew over 182 percent and 52 percent against June of last year and May 2010, respectively.
During the previous two financial years, textile machinery imports decreased heavily when textile industrialists halted making investments in their units due to falling export of textile goods.
Though the conditions are still not so favourable for the textile sector, investment in textile industry is like a silver line at the end of the tunnel and reflects that still there are chances of revival in this important sector of the economy, industry people say.
They said that textile sector witnessed huge investment after the abolition of quota system, but all this investment was lost in the wake of lack of competition of local textile goods with other countries, which are enjoying zero or less duties.
The countries like Bangladesh and Vietnam particularly dented our textile goods export as they have greater market access by enjoying preferential treatment in the European and American markets.
Furthermore, the chronic issues of high financing cost, power and gas shortage coupled with their high charges domestically had devastating impact on textile goods when compared with China and India, which gave concessions and incentives in the shape of subsidies on power and financing. Textile industrialists pointed out that presently whatever investment is being made it is mostly confined to the denim and apparel sector whereas spinning sector has not seen major investment.
In the first half of the outgoing fiscal year, the strong performance of spinning sector encouraged the spinners to enhance their capacity, a leading spinner said, however the restrictions on cotton yarn export and imposition of regulatory duty on it brought it to a grinding halt.
We hope that our textiles sector will improve, good job Pakistan
Daily Times - Leading News Resource of Pakistan
By Tanveer Ahmed
KARACHI: Textile machinery imports jumped to $297 million in the financial year 2009-10 from $211 million in the previous financial, registering a growth of 40.75 percent.
Growth in the textile machinery is an encouraging sign that all is not lost in the textile sector, which has remained in the grip of uncertain and gloomy conditions for the last few years.
The high import of textile machinery is evidence of the fact that textile sector is re-emerging from the past bad conditions when its future was looking bleak due to stiff competition by its competitors, textile industry people felt.
During the last month of outgoing financial year, the import of textile machinery went up even further when it grew over 182 percent and 52 percent against June of last year and May 2010, respectively.
During the previous two financial years, textile machinery imports decreased heavily when textile industrialists halted making investments in their units due to falling export of textile goods.
Though the conditions are still not so favourable for the textile sector, investment in textile industry is like a silver line at the end of the tunnel and reflects that still there are chances of revival in this important sector of the economy, industry people say.
They said that textile sector witnessed huge investment after the abolition of quota system, but all this investment was lost in the wake of lack of competition of local textile goods with other countries, which are enjoying zero or less duties.
The countries like Bangladesh and Vietnam particularly dented our textile goods export as they have greater market access by enjoying preferential treatment in the European and American markets.
Furthermore, the chronic issues of high financing cost, power and gas shortage coupled with their high charges domestically had devastating impact on textile goods when compared with China and India, which gave concessions and incentives in the shape of subsidies on power and financing. Textile industrialists pointed out that presently whatever investment is being made it is mostly confined to the denim and apparel sector whereas spinning sector has not seen major investment.
In the first half of the outgoing fiscal year, the strong performance of spinning sector encouraged the spinners to enhance their capacity, a leading spinner said, however the restrictions on cotton yarn export and imposition of regulatory duty on it brought it to a grinding halt.
We hope that our textiles sector will improve, good job Pakistan
