Apparel Online India Magazine April 1st Issue 2019 | Page 52

BEYOND INDIA HAVE YOUR SAY BREAKING NEWS Tell us your news by emailing at [email protected] To read the latest sustainability news, go to https://apparelresources.com/business-news/sustainability/  Despite rupee depreciation, Pakistan's textile exports remain static The textile industry of Pakistan continues to remain stagnant despite the Government having depreciated the rupee and reduced the cost of gas and electricity. It is worth noting that the country’s textile exports grew marginally by little more than 1 per cent to clock US $ 8.9 billion for the July to February period of the current fiscal year. Substantiating further, the Pakistan Bureau of Statistics (PBS) added that the overall exports of the country touched US $ 15.1 billion for the aforementioned period, just up by 1.9 per cent. The Government had depreciated the rupee by nearly 25 per cent as the dollar value had gone to Rs. 140. More on that, an official from the Ministry of Commerce said, “Impact of rupee depreciation would be visible in next five months.” He quickly added that the country’s exports will pick up the momentum whereas imports will witness a steep slump in the coming months. The reduction in the price of gas and electricity has also not helped in enhancing the textile exports. According to PBS, knitwear exports rose by 11.36 per cent during the July to February period (2018-19), while the cotton exports fell by 1.04 per cent. Vietnam: Astounding US $ 4.89 billion apparel and textile exports in the first 2 months of 2019 Vietnam earned an astounding US $ 4.89 billion from its apparel and textile exports in the first two months of 2019. This was recently announced by the country’s Ministry of Industry and Trade (MoIT). The Ministry added that it was a 19 per cent growth year-on- year and such an impressive growth was mainly owing to the fact that several companies had received orders for the first 6 months of 2019. Some companies, reportedly, were booked even for the whole year. Concurring with MoIT’s analysis, Phạm Xuân Hồng, Chairman, HCM City Textile and Garment Embroidery Association, averred that the local apparel and textile sector have been treading on the right path in 2019 majorly because of sufficient orders from foreign partners. In 2018, Vietnam’s apparel and textile exports earned US $ 36 billion (16 per cent up from 2017) and now the first two months of 2019 indicate that the country is on the right track to achieve the projected US $ 40 billion in 2019. 52 Apparel Online India | APRIL 1-15, 2019 | www.apparelresources.com Fabrics, among all products, witnessed impressive export growth. Interestingly, fabrics from natural fibres as well as synthetic fibres, each saw a rise of 14 per cent whereas clothing clocked a growth of 11 per cent. Notably, apparel and textile products of Vietnam have been catching lot of attention of international customers mainly because of the former’s strong competitiveness in quality and price. Also, the free trade agreements that Vietnam has signed with many countries have further boosted the industry. In 2018, Vietnam’s apparel and textile exports earned US $ 36 billion (16 per cent up from 2017) and now the first 2 months of 2019 indicate that the country is on the right track to achieve the projected US $ 40 billion in 2019. The industry’s trade surplus is expected to touch US $ 20 billion this year.