ISLAMABAD, June 23: The textile export target has been projected at more than $13 billion for the fiscal year 2007-08 up by 20 per cent from the current fiscal year target, says Textile Minister Mushtaq Ali Cheema.

It has been estimated that the textile exports will reach $11 billion during the fiscal 2006-07.

Textile exports reached $9.816 billion during the 11 months of the current fiscal against $9.257 billion over the same period of last year, indicating a growth of 6 per cent.

Talking to Dawn here on Saturday the minister said that the low growth in textile products was mainly because of the high cost of production. The six per cent Research and Development (R&D) subsidy will help the industry to finance the additional cost incurred on account of innovation of products and improving skills of the employees.

“I am sure that the growth in textile products will be around 20 per cent in 2007-08 as against the average growth of six per cent in the year 2006-07,” the minister claimed.

The share of textile products in total exports reached 63.3 per cent in the 11 months of the current fiscal as against 61.9 per cent during the same period last year.

Official figures compiled by the Federal Bureau of Statistics (FBS) showed that the export of almost all products excluding raw cotton, cotton cloth, and bed wear recorded marginal growth during the first 11 months of the current fiscal over the last year.

Export of readymade garments witnessed a growth of 5.35 per cent to $1.254 billion during the July-May period of the current fiscal as against $1.190 billion over the same period last year.

Statistics showed that export of knitwear also recorded a growth of 12.94 per cent during July-May 2006-07 to $1.773 billion as against $1.570 billion over the same period last year.

Export of raw cotton, cotton cloth, and bed wear recorded a negative growth by 21.73 per cent, 4.10 per cent and 3.10 per cent, respectively, during July-May 2006-07 over the same months of the last year.

Export of cotton yarn, cotton carded and yarn other than cotton yarn, was up by 4.21 per cent, 3.92 per cent, 82.59 per cent, towels 2.43 per cent, tents, canvas 99.06 per cent, art silk and synthetic textile 122.12 per cent, made-up articles 13.45 per cent and other textile materials 17.42 per cent during the period under review over last year.