The rising cost of China's clothing industry provides opportunities for development in Pakistan
Pakistan, "the forum" in May 6th, reported that Pakistan is expected to seize the opportunity to increase the cost of China's clothing industry, growth as the next major garment manufacturing country. According to the report published by the world bank, "knitting wealth - clothing industry employment, trade and development", China's clothing product prices rose by 1%, the United States demand for clothing products will increase by 2.53%. The rising cost of China's textile industry has provided Pakistan with a golden opportunity to develop its clothing industry.
Whether Pakistan can seize the opportunity to fill the gaps left in China, there are still a lot of uncertainty. The World Bank Country Director eland lattice temperature Patchamuthu ilangovan said Pakistan needs further structural reforms and address the high tariff barriers, distort incentives and young people lack of training and problem. In addition, Pakistan garment industry exports are 19% of cotton exports, we export raw materials and semi-finished products, but the processing profits to other countries, "said Darst Jill, Minister of Commerce, said.
Women occupy an important position in the textile industry in South Asia, for example, 71% of the textile workers in Sri Lanka are women, according to the World Bank report. But only about 5% of Pakistan's textile workers are women. The World Bank report estimates that 1% per increase in wages, women workers' participation will increase by 16.3%. In addition, the financial coverage of small is also a factor affecting the development of the clothing industry in Pakistan, currently only 15%-18% of the family owned bank accounts, women account for the rate is only 3%.