Pakistan’s export landscape has witnessed significant shifts in recent years, with notable declines in exports to the United States juxtaposed against a substantial increase in trade with China. According to data compiled by the State Bank of Pakistan, merchandise exports to the US experienced a notable decline of 10.14 per cent, totaling $3.63 billion in the first eight months of the current fiscal year, compared to $4.04 billion over the corresponding period last year. This decline is primarily attributed to a dip in exports of textiles and clothing to North America.
In the ever-evolving landscape of global trade, the garment industry finds itself at the cusp of a paradigm shift, driven by a tightening grip of regulations governing the origin of products. Particularly impactful are the Rules of Origin (ROO), reshaping how garments traverse international borders and access lucrative markets. One of the key arenas where this transformation is palpable is the European Union (EU), where stringent ROO regulations are redefining the contours of garment exports.
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