2020-21 saw a 36.57 percent increase in Pakistan’s knitwear exports compared to 2019-20 In 2021-22, it hopes to expand its market share to 20%. Towel export earnings are 307% higher than woven garment export earnings, while knitting exports are 25.83% higher than woven garment export earnings, as well as 37.68% higher than the earnings from bed wear exports.
In terms of overall world imports of knitwear, Pakistan has a share of 1.83 percent, whereas Bangladesh has an 8.12 percent share. About 30% of small and medium companies in Pakistan have closed in the previous two years after a 17 percent sales tax was implemented. There are three years in a row that Pakistan’s knitwear garment business has ranked first among textile groups in terms of employment. Its knitwear business contributes significantly to the country’s textile industry’s value addition. We believe this business has a tremendous deal of potential for growth, as there is a lot of value added in the form of knitwear apparel and sportswear. Knitwear items are being expanded in Pakistan in an effort to attract new innovations and incentives to increase exports. Despite competition from Bangladesh and other countries in the Far East, this industry has export potential.