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Pakistan’s textile exports plunge 28% in February

  • Provisional data released by APTMA conveys textile exports stood at $1.2bn in Feb
Published March 6, 2023

Pakistan’s textile sector exports witnessed a significant decline of 28%, clocking in at $1.2 billion in February 2023 in comparison to $1.67 billion recorded in the same month of the previous year, showed provisional data released by the All Pakistan Textile Mills Association (APTMA) on Monday.

The association added that the country’s textile exports in the first eight months of FY23 decreased by 11% to $11.24 billion, declining from $12.60 billion recorded in 8MFY22.

The decline in textile exports is concerning for the South Asian economy, which is already facing depleting foreign exchange reserves. Its central bank has reserves of just $3.81 billion remaining, barely enough for a month of imports. However, the level will get a slight boost with another loan inflow from China.

Industrialists have expressed concern over the ongoing slump in the textile sector, after cotton arrival in Pakistan also decreased 34.5% year-on-year, showed data released by the Pakistan Cotton Ginner’s Association (PCGA) on Friday.

Last month, the All Pakistan Textile Mills Association (APTMA) urged the federal government for a level playing field by implementing a uniform gas price of $7 per MMBtu for the export industry across the country.

APTMA also warned that the decision of the government to suspend the regionally competitive energy tariff (RCET) of electricity for Export Oriented Units (EOUs) will hurt the textile industry, particularly in Punjab.

Back in December, APTMA wrote a letter addressed to Prime Minister Shehbaz Sharif, warning that the country’s textile exports could fall below $1 billion a month from 2023 onwards, highlighting a range of issues facing the sector that is currently operating at less than 50% capacity utilisation.

Comments

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King sahib Mar 06, 2023 07:30pm
Well done to khadim e aala sahib, dollar sahib and former commander bajwa sahib of putting Pakistan and it's poverty stricken people further towards raah e nijat(wink)...
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Azaree Mar 06, 2023 08:46pm
Modern day Mir Sadiqs and Mir Jafaers are destroying the country to please their masters!
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Azaree Mar 06, 2023 08:47pm
@King sahib, Their modus operandi is quite straight forward...loot and plunder the leave the country with their looted booty.
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Doc Asad Mar 06, 2023 08:53pm
Sab khatam hojaega bus "neutrals" bachenge is mulk me :)
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Haji Ghulab Mar 06, 2023 09:19pm
No one is worried of the country BUT to save their leadership which has taken the hard efforts of Quaid to its lowest. Aey Allah Reyham Farma ..... Aameen
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Muhammad Aumair Mar 06, 2023 09:54pm
Once again remind you APTMA once again manupulate government and 75 year not increase export due to all DLTL scheme misused
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Shafiq Mar 07, 2023 01:52am
I want to use VPN For to open some websites
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Shafiq Mar 07, 2023 01:52am
I want to use vpn for to open some websites
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Tulukan Pundamavane Mar 07, 2023 09:40am
India's textile exports soaring.
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