2020-21 saw a 36.57 % raise in Pakistan’s knitwear exports compared to 2019-20 In 2021-22, it hopes to increase its market share to 20%. Towel export earnings are 307% greater than woven garment export earnings, whilst knitting exports are 25.83% higher than woven garment export earnings, as perfectly as 37.68% increased than the earnings from bed don exports.
In conditions of general entire world imports of knitwear, Pakistan has a share of 1.83 percent, whereas Bangladesh has an 8.12 p.c share. About 30% of tiny and medium companies in Pakistan have shut in the past two several years after a 17 per cent revenue tax was carried out. There are three several years in a row that Pakistan’s knitwear garment small business has rated very first amongst textile groups in conditions of work. Its knitwear small business contributes noticeably to the country’s textile industry’s worth addition. We consider this small business has a large offer of opportunity for development, as there is a large amount of worth extra in the kind of knitwear apparel and sportswear. Knitwear merchandise are being expanded in Pakistan in an effort and hard work to bring in new innovations and incentives to improve exports. Regardless of opposition from Bangladesh and other nations in the Considerably East, this market has export opportunity.