KARACHI – The leaders and members of the UBG have highly appreciated the outstanding efforts made by the government particularly by means of smart-lock-down in the period of pandemic COVID which kept the industry alive resulting in significant export enhancement.
The decision of the government for smart lockdown gave a considerable edge to Pakistan on the other textile producing countries. Pakistan kept the textile producing industry functional which boosted Pakistan’s textiles export to various destinations particularly UK where Pakistan made significant increase in export for US $ 2.025 billion in the fiscal year 2021 against US $ 1.522 billion in 2020. While Pakistan’s textile was the main commodity contributed in exports to UK.
The UBG said that the other main reason for increase in Pakistan textile products was because of the market diversification drive and under taken by the UK companies in the period of COVID who heavily relied on Pakistan’s competitors.
The volume of the bilateral trade between both the countries have now reached to US $ 2.648 billion in 2021 against $ 2. 122 billion of last year.
UK has emerged as Pakistan’s third largest export destination, second largest source of foreign direct investment and third largest source of remittances.
The main Pakistan’s exportable products to UK include textile and textile products ( apparel, clothing knitted or crocheted), leather products, surgical instruments, edible fruits and nuts, peel and citrus fruits , furniture, bedding mattresses, mattress, beverages , spirits and vinegar.
It is worth mentioning that UK is the fifth largest national economy in the world ninth largest exporter and fourth largest importer.
