Former Central Chairman of Pakistan Hosiery Manufacturers and Exporters Association (PHMEA) Dr Khurram Tariq has expressed concern over the fast impeding crisis in value-added textile sector and said that the national economy may face an additional deficit up to four billion dollars if unrestricted cotton and yarn export continued.
Talking to newsmen here on Friday, he said the recent statistics provided by Chairman of All Pakistan Textile Mills Association (APTMA), Punjab, Ejaz Gohar to the Textile Ministry meeting held recently that Pakistan would have to import 3.8 Million bales to run the local spinning mills. He said that according to the present price trends, Pakistan would have to spend huge extra foreign exchange to import expensive cotton after exporting its cheap commodity.
"If the government decision to stop export of raw cotton and yarn was not taken immediately, the net fall expected in textile export would be around 2.5 billion dollars," he warned. He further said that the economic managers should now consider this grave and grim situation and arrange at least four billion dollars extra to cover up this upcoming deficit.