Exports of Pakistan’s textile sector showed notable growth in February, clocking in at $1.41 billion compared to $1.18 billion recorded in the same month of the previous year, a year-on-year increase of nearly 20%, showed provisional data released by the All Pakistan Textile Mills Association (APTMA) on Monday.
This is the third consecutive month when textile exports have posted a year-on-year increase.
However, the country’s textile exports in the first eight months of the fiscal year 2023-2024 were down by 1% or $0.07 billion to $11.15 billion.
Meanwhile, on a monthly basis, exports declined over 3% as compared to $1.46 billion in January.
Textile exports are crucial for the South Asian economy, which faces a shortage of foreign exchange, and has to rely on debt-creating dollar inflow to shore up reserves, as they make up for the bulk of the its exports.
Pakistan’s textile exports up 5% year-on-year in October, clock in at $1.43bn
As per latest data issued by the Pakistan Bureau of Statistics (PBS), the country’s textile group exports declined by around 2.99% during the first seven months (July-January) of the current fiscal year and stood at $9.738 billion compared to $10.038 billion during the same period of 2022-23, said.
Last month, APTMA, which represents the largest industrial sector of Pakistan, urged authorities to end cross-subsidies to nonproductive sectors.
Textile group: Jul-Jan exports decline 2.99pc to $9.738bn YoY
APTMA, in a letter dated February 14 and addressed to Caretaker Minister for Energy Muhammad Ali, warned that if corrective actions are not urgently taken, over 50% of firms in the textiles and apparel sector could shut down in the coming weeks.
APTMA said the international competitiveness of Pakistan’s textiles and apparel exports is being continuously eroded by increasing energy prices “that are, on average, over twice those in competing countries, and merits your urgent attention”.
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