Pakistan’s textile exports set to surge in regional shiftBOOMING ORDERS: As orders move away from neighboring countries such as India, Pakistan’s economic bright spot has found new customers in South America and AfricaBloombergPakistan’s textile sector is bringing cheer to its flailing economy, with exports set to swell to a record after gaining an edge over South Asian rivals during the COVID-19 pandemic. Textile exports are poised to surge 40 percent from a year earlier to a record US$21 billion in the 12 months ending in June, said Abdul Razak Dawood, commerce adviser to Pakistan’s prime minister. The nation is doubling down to boost textile exports through measures including tax breaks, cheap loans and supplying electricity at rates comparable to rivals in South Asia. “Pakistan’s exports have become competitive over the past few years,” Ismail Iqbal Securities CEO Ahfaz Mustafa said. It is also trying to revive a US$6 billion bailout program to meet financing requirements amid a record trade deficit.

Source: Taipei Times January 30, 2022 22:03 UTC