The textile industry in Pakistan has achieved a record increase of 26% growth in quantitative terms after 10 years, according to a statement issued by All Pakistan Textile Mills Association (APTMA).
APTMA states that the growth did not directly reflect in dollar amounts due to a substantial worldwide decrease in textile prices, however, if this growth in quantity had not been achieved the exports would have been less than $ 8.5 billion as the international prices have now recovered.
Further records reveal that the profits of companies were over 5% and that the companies have posted a turnover of $ 16 billion out of which $ 13.3 billion was exported and $ 2.8 billion were sold in the domestic market.
The industry has contributed a total of Rs40 billion to the exchequer through income tax as well as various other indirect taxes and levies of over Rs 35 billion.
As a result of the profits posted, the industry has strong balance sheets and an equity fund of $ 1 billion earned directly from the international market. These funds can be leveraged to invest at least $ 4 billion in the next year alone.