Raza Khan ISLAMABAD, May 11 (INP-WealthPK): With the export volume reaching $16 billion during the first 10 months (July-April) of the current fiscal year 2021-22, Pakistan has already achieved the highest-ever textile exports in a single year with two months still to go. “Pakistani textiles exports increased by 26% during the first 10 months of the current fiscal year and rose to $16 billion from $12.7 billion during the same period of last year,” All Pakistan Textile Mills Association (APTMA) reported. Asad Naqvi, a senior analyst at APTMA, told WealthPK that Pakistan’s textile exports in April were recorded at $1.76 billion, which were also the highest in any month in the country’s history. “Textile exports in April this year increased by 31% against the same month of last year when export volume was recorded at $1.34 billion,” Naqvi said. He said that the textile exports of $16 billion were not only the highest during July-April period of any fiscal year but also crossed the record textile exports achieved during any entire fiscal year. Earlier, the highest-ever textile exports of $15.4 billion were recorded during last fiscal year 2020-21. The APTMA official said that textile sector was going through expansion and enhancing its production capacities. “Investors have invested huge amounts of money in the textile sector following the incentives provided by the government,” he added. “Growth in textile exports is the result of substantial expansion in the textile sector and better pricing of Pakistani textile products in the international market,” Naqvi said. The APTMA analyst was of the view that Pakistan would be able to get close to the textile exports target of $20 billion by the end of current fiscal year. “If industry receives full support of the government, uninterrupted energy supply at competitive tariffs and raw material, textile exports will cross $19 billion,” he added. Naqvi said that textile industry in Pakistan contributed more than 60% to the country’s exports and was a major source of employment. According to data, textile exports in each month of the current fiscal year surpassed the exports in corresponding months of last fiscal. The highest textile exports during any month of current fiscal year were recorded $1.76 billion in April, beating the previous record of $1.74 billion in November. Pakistan’s total exports were recorded at $26.228 billion during July-April (2021-22) against the exports of $20.905 billion during the corresponding period of last fiscal year, with an increase of 25.46%, Pakistan Bureau of Statistics (PBS) reported. Exports in April remained $2.873 billion against the exports of $2.218 billion during the same month of 2021, posting a growth of 29.53%. According to Board of Investment, Pakistan is the eighth largest exporter of textile products in Asia. It is also the fourth largest producer and third largest consumer of cotton. Textile comprises 46% of the total manufacturing sector and provides employment to 40% of the total labour force. According to Textile and Apparel Policy 2020-25, textile exports will be enhanced up to $25 billion in fiscal year 2022-23, $31 billion in 2023-24, and $40 billion in 2024-25.