Bangladesh confiscating Pakistan export stake
Pakistan textile industry is quite flourished and well established and Pakistan is capable enough in exporting garments to other countries and good deal of revenue is also generated.
As per the statement of Shaikh Mohammad Shafiq, Chairman, Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) about Bangladesh is that its total export is of 33 billion USD and if this export is divided on different halves then textiles earn 27.5 billion USD in which 26.5 billion USD is of only garments.
According to him Bangladesh has captured Pakistan’s export shares and it is being used for Bangladesh’s benefits. He feels that Pakistan should make efforts to resolve this matter and try to turn it for its own advantage.
Bangladesh export is now rapidly increasing at 3.5 billion USD per year and it is expected that it will hit to 50 billion USD per year by the year 2020. It is also said that Bangladesh speculations about their budget were quite real.
Pakistan cost on garments is double than Bangladesh as it US$ 2.7 in Pakistan and US$ 1.5 in Bangladesh. Pakistan rank is 138 out of 189 and it was on 136 number last year. In Pakistan cost that includes energy and other financials is also quite high due to high excise.
The chairman of PRGMEA further added that Government should take it serious that the time has just gone away when raw material use in textiles could be exported. It cannot continue for longer and that’s perhaps the reason of Pakistan’s breakdown as well. It’s the time to export finished goods in order to generate more revenue for your country. Raw material cannot earn that much amount as much finished goods can. These are some serious matters on which Pakistan need to take radicle steps otherwise it can earn more loss in future.