The fast closures of processing units are leading the country to suffer over 14 percent loss in knitwear export during the first two months of the current fiscal year to $384.714 million, exporters told Business Recorder on Thursday. Pakistan's knitwear export fell by 14.48 percent or $65.116 million to $384.714 in the July-August period of current fiscal year as compared to the export of $449.830 million, according to Pakistan Bureau of Statistics.
"At least eight processing units have closed down in Karachi alone recently," Chairman of Pakistan Apparel Forum (PAF), M Javed Bilwani told Business Recorder. He said the impact of the closed units will badly hurt the country's knitwear export this fiscal year. He expressed the fear that "the country's export of clothing is likely to fall by 1.2 million kg to the world markets."
He said gas and electricity problems have grown disproportionately in the country. He added that the utilities shortage which continued to haunt the manufacturing sector in Punjab, has now started hurting Sindh's industries. The country's export of knitwear also fell in August this year to $187.433 million as compared to the commodity's export of $220.860 million in August last year, showing a decline of 15.13 percent or $33.427 million, the statistics indicated.
Bilwani criticised the government for its weak response to the declining exports of the country which continue to deprive the exchequer of precious foreign exchange. He said "the government is more interested in begging than in boosting trade and industry."
The country's export of knitwear fell by 5 percent or $9.848 million in August 2012 from $197.281 million in July 2012, the statistics show. The continued negative trend in knitwear export may result in huge losses in terms of forex proceeds, he said, adding that "the country is feared to register11 percent less export in terms of value by the end of current fiscal year."
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