Pakistan: Floods affect textile industry
1,355 deaths, more than one million homes destroyed and 33 million people affected: this is the current record of the natural disaster that has ravaged Pakistan for more than three months now. The textile sector is, in fact, a major exporter of the country's economy. The authorities state thatLarge-scale destruction of cotton crops(more than 45 per cent of the country's production), including all crops in some provinces, which could compromise not only theavailability of exported materialfuturebut also their prices.
Pakistan, the world's fifth largest producer of cotton in 2021, experienced a real boom in its indicators in 2022 (15 billion euros worth of export goods), placing the country in a very good position as a supplier to the United States and the European Union. The textile industry is also a major employment area, as40 % of employees work in the sector,in this country, which has 220 million inhabitants. The current economic crisis due to climate conditions is therefore also an unprecedented humanitarian crisis for the country.
The major challenge remains the maintenance of sufficient productive capacity to meet the country's need for reconstruction funds. If, however, Pakistan were to turn to cotton imports to remedy the current shortage of raw materials, there would be a rise in prices and a certain increase in competition in this market.
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