Exports of Pakistan’s textile sector showed marginal growth of 3% year-on-year in March, clocking in at $1.3 billion compared to $1.26 billion recorded in the same month of the previous year, showed provisional data released by the All-Pakistan Textile Mills Association (APTMA) on Tuesday.

This is the fourth successive month textile exports have posted a year-on-year increase.

However, the country’s textile exports in the first nine months of the fiscal year 2023-2024 were down by 0.3% or $0.04 billion to $12.44 billion.

Pakistan’s textile exports up 20% YoY in February, clock in at $1.41bn

Meanwhile, on a monthly basis, exports declined nearly 8% as compared to $1.41 billion in February.

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 its exports.

Last month, APTMA strongly rejected an increase of 223% in gas tariff in the last year and termed it as detrimental to the export-oriented textile industry of Pakistan.

APTMA said the export-oriented textile industry of Pakistan is losing market share in the global marketplace due to the alarming rise in energy tariffs.

It demanded the federal government reverse its decision of an astronomical increase in gas tariff to make textile exports competitive in the international market.

APTMA observed that the recent increase in gas tariff has proven to be disastrous for the export-oriented textile industry, which has the largest share of 60% in total exports of the country.