Two thirds of China's cotton-spinning enterprises unprofitable
Date: 2009-12-10
Pakistan??s textile exporters have received 1.5 billion dollars in Christmas apparel orders from United States and European countries, giving a fresh lease of life to the dying industry.
"The industry was going down until we received Christmas orders this year. We have received 20 per cent more orders this year," Mohsin Mirza, Chairman of Pakistan Readymade Garments Association, told IslamOnline.net.
The textile industry earned 10.5 billion dollars in 2007 but business slipped down to 9.7 billion dollars in 2008 following a wave of violence in the country and the global financial crisis.
"This is a kind of revival of the textile industry in Pakistan."
Mirza says the Christmas orders have prompted the otherwise tottering industry to pick up.
"The industry was really in a bad shape, especially during last year, when we receive fewer orders due to recession and other factors."
A massive backlog last year, caused by gas and power shortage, not only incurred huge losses on exporters but earned them a reputation of being unreliable.
The energy crisis also forced the entrepreneurs to lay off thousands of employees associated with textile industry.
Textile is the largest employment sector in Pakistan.
Around 2.5 million people are attached with this sector, which has suffered a lot during last few years due to a simmering energy crisis and an ongoing spate of violence.
