KARACHI: The textile industry of Pakistan intends to capture US market to the extent of 5 percent by year 2008 and 8 percent by year 2010 by reducing the cost, sources said here on July 12.
Sources also clarified that the share of textile market in the US textile imports currently stands 3.5 percent which has improved from 3 percent in 2005.
The US textile import data released by US Census Bureau in January-April 2006 revealed that textiles has registered a growth of 16 percent and reached $ 1,020 million as compared to $ 877 million in January-April 2005.
However the US markets has remained the huge market for textile exports from the country, although in the period January-April 2006 textile export to US surged by 16 percent over the corresponding period in 2005, its overall textile export grew by only 7 percent.
The increase represents the higher growth momentum for Pakistani textile products to US especially in the post WTO regime as total textile exports have increased by 18 percent in the first 11 months of FY06 (Jul-May 2006).
The local manufacturers have shown concern on increasing cost of businesses and if the government does not allow incentive package for the garments, it will be difficult to fulfil the increasing demand in the US market.
The country has now become the 5th largest textile exporter to the US as restriction imposed on import of China-made textile by the US could be the reason for declining exports.