Business

ISLAMABAD (Web Desk/APP) – Textile exports from the country have declined 7.72 percent during the first ten months of the current fiscal year, compared to the same period last year.

Textile exports during July-April (2015-16) were worth $10.395 billion compared to the exports worth $11.265 billion during July-April of the previous financial year, according to the data of Pakistan Bureau of Statistics (PBS).

Cotton yarn has been identified as a key product contributing to the fall in exports of the textile sector. Exports of cotton yarn dropped by 32 percent from, $1.590 billion last year to $1.081 billion during the current fiscal year.

The Textile industry in Pakistan is the largest manufacturing industry in Pakistan. It has traditionally, after agriculture, been the only industry that provides significant employment opportunities for both skilled and unskilled labor.

Pakistan is the 8th largest exporter of textile products in Asia.

The sector contributes 8.5% to the GDP and provides employment to about 15 million people or roughly 30% of the 49 million workers registered in the country.