Islamabad, April 24:

Pakistan’s hopes of exporting over $3,000 million worth of garments in the current fiscal ending on June 30 is in jeopardy due to the tough competition in the international market and increased costs in the country, exporters here say.

“Exports of readymade garments currently stand at $1,993 million. We have to fill the gap of $1,259 million in about three months which seems quite difficult”, said a leading exporter, “Despite the fact that the exports ratio has increased in terms of value, its share in the country’s total exports has shrunk to 7.7 per cent from last year’s 10 per cent.”

Although exports of readymade garment grew by 14 per cent in July 2005-February 2006, the country’s share in the international market has been declining. Another exporter pointed out that the consistent efforts of the industry, coupled with assistance from the government, had resulted in market diversification and exploration of new trade avenues.

“We have recently explored new markets in Poland and Romania”, said a Karachi-based exporter, terming it a ‘good omen’ for the industry. He said since the EU are considered among the biggest markets, Pakistan’s exporters have been concentrating on them and striving to get further trade access in region.