Textile exports: KATI President concerned at ‘61pc decline’

KARACHI: Korangi Association of Trade Industry (KATI) President Salman Aslam has expressed concern over the 61% decline in textile exports at the beginning of the New Year.

He said a 290 million dollars drop in textile exports in the first 10 days of January would hit the economy hard, which will further increase the trade deficit. President KATI welcomed the notice taken by the Finance Minister on the reduction in export volume. He said that all the problems faced by the textile sector including gas and electricity should be rectified.

Salman Aslam said that industrialists are facing difficulties due to a significant increase in production cost and freight charges. The export sector is under pressure due to fears of further new taxes in the budget. The government should immediately address the concerns of the industrialists and announce a clear policy. He said that concrete steps should be taken to reduce the production cost and uninterrupted supply of gas and electricity.

Salman Aslam feared that if timely steps were not taken, the volume of the export sector would shrink to alarming levels by the end of the year, adding to the serious difficulties facing the economy. President KATI said that the government should take urgent steps to increase industrialization and revenue so that the country could move forward on the path of development.

Copyright Business Recorder, 2022