The country''s towel exports is likely to cross $1 billion mark by end of the current fiscal despite seeing a decline in the towel made-ups exports, sources told Business Recorder here on Saturday.
Industry sources believed that the increased demand and launching of new products in the international market would help the figures to breach the fence of US $1 billion by the end of the current fiscal year 2005-06.
The statistics shows that the towels'' exports were recorded at $421.1 million as on March 06, compared to $376 million during the corresponding period last year, depicting a growth of 11.97 percent. Similarly, exports made-up of towels from the country stood at $309.2 million until March 31, this year compared to $357.6 million, portraying a downslide of 13.52 percent.
"Despite increase in towel exports, the aggregate figure of towels and its made-up exports are showing a nominal decline of 0.45 percent as it stood at $730,35 billion on March 31, this year against $733,68 billion during the same period last year," said a leading exporter.
"Even with, low export figures, we are eyeing a target of $1 billion and are pretty optimistic that we would achieve it," he added. Citing the reason of the declining trend in the made-up towel exports, another exporter pointed out, "Since the value-addition of towel made-up is lowered, a number of people have switched their units to towel exports."
On the other hand, he said, the industry should focus to explore and capture other markets of the world, specially the African and Far East markets.
"The towel industry of the country is facing less global competition than the garments or any other sector, nevertheless, to boost exports, we must penetrate into the African and Far East markets where our exports are still negligible," exporters said.
Commenting on the newly launched products that have succeeded in attracting foreign buyers, a leading exporter said, "We have been exporting cotton towels, but this time we have recently started exporting ''micro fibre towels'' and used ''bamboo yarn'' in some of our products."
"Our buyers have appreciated this effort (new products) as we have proven that we can be updated and modernised with the changing world," he added.
The towel exporters have shown satisfaction over the pace of growth and highlighted that the average annual growth rate of their exports is ranging between 12 percent to 15 percent.
According to the statistics of 2004, China was the world''s biggest towel exporter with 24 percent of the market share, followed by Turkey and Pakistan with 13 percent apiece.
India stood in fourth place with a market share of nine percent, followed by Portugal with seven percent, Brazil with six percent and Belgium with four percent.
"However, Bangladesh, that has emerged on the global front by enhancing its textile exports, is striving hard to penetrate into the world markets as its share in world towel exports is almost insignificant," stated a Karachi-based exporter.
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