AGL 37.01 Decreased By ▼ -0.99 (-2.61%)
AIRLINK 132.60 Decreased By ▼ -4.09 (-2.99%)
BOP 5.51 Increased By ▲ 0.09 (1.66%)
CNERGY 3.79 Decreased By ▼ -0.04 (-1.04%)
DCL 7.48 Decreased By ▼ -0.11 (-1.45%)
DFML 44.81 Decreased By ▼ -1.24 (-2.69%)
DGKC 81.20 Increased By ▲ 0.85 (1.06%)
FCCL 28.65 Increased By ▲ 0.62 (2.21%)
FFBL 54.75 Decreased By ▼ -0.46 (-0.83%)
FFL 8.55 Decreased By ▼ -0.03 (-0.35%)
HUBC 107.90 Decreased By ▼ -4.75 (-4.22%)
HUMNL 13.56 Increased By ▲ 1.23 (9.98%)
KEL 3.81 Decreased By ▼ -0.04 (-1.04%)
KOSM 7.04 Decreased By ▼ -1.03 (-12.76%)
MLCF 36.25 Increased By ▲ 1.14 (3.25%)
NBP 67.30 Increased By ▲ 1.30 (1.97%)
OGDC 169.49 Decreased By ▼ -1.67 (-0.98%)
PAEL 24.88 Decreased By ▼ -0.30 (-1.19%)
PIBTL 6.15 Decreased By ▼ -0.05 (-0.81%)
PPL 130.70 Decreased By ▼ -2.15 (-1.62%)
PRL 24.50 Increased By ▲ 0.10 (0.41%)
PTC 15.77 Increased By ▲ 1.25 (8.61%)
SEARL 57.80 Decreased By ▼ -1.15 (-1.95%)
TELE 6.99 Decreased By ▼ -0.10 (-1.41%)
TOMCL 34.73 Decreased By ▼ -0.27 (-0.77%)
TPLP 7.70 Decreased By ▼ -0.39 (-4.82%)
TREET 13.96 Decreased By ▼ -0.34 (-2.38%)
TRG 44.25 Decreased By ▼ -1.34 (-2.94%)
UNITY 25.15 Decreased By ▼ -0.84 (-3.23%)
WTL 1.18 Decreased By ▼ -0.02 (-1.67%)
BR100 9,082 Decreased By -1.8 (-0.02%)
BR30 27,380 Decreased By -251 (-0.91%)
KSE100 85,483 Increased By 30.2 (0.04%)
KSE30 27,160 Increased By 10.7 (0.04%)
Markets

Pakistan’s textile exports plunge 22.6% in March

  • Sector's exports clock in at $1.26bn, says PBS
  • Data shows exports in first nine months of FY23 decrease by 12.4% to $12.48bn
Published April 18, 2023

Exports of Pakistan’s textile sector witnessed a significant decline of 22.6%, clocking in at $1.26 billion in March 2023 compared to $1.63 billion recorded in the same month of the previous year, showed latest data released by the Pakistan Bureau of Statistics (PBS).

Data showed textile exports in the first nine months of FY23 decreased by 12.4% to $12.48 billion, declining from $14.24 billion a year earlier.

The decrease in the key textile exports is concerning for the South Asian economy, which is dealing with low foreign exchange reserves.

Forex reserves held by the State Bank of Pakistan (SBP) are currently at $4.04 billion, barely enough for a month of essential imports.

Textile exports may fall by $3bn this year, warns APTMA

On a month-on-month basis, textile exports registered an increase of 6.6%, as compared to $1.18 billion recorded in February.

“Increase is indicative of an MoM recovery in global textile demand. Textile manufacturers of Pakistan have seen improved orders from Europe and USA for value-added segment,” said Nasheed Malik, an analyst at Topline Securities in a report on Tuesday.

The brokerage house said that a drop in demand from major export markets and recent hike in tariffs are key challenges going forward. “However, order clarity exists till Jun-2023 and tariff hikes are currently at a previous stay position till the end of FY23 as per our channel checks,” it said.

“We expect textile exports to clock in at a range of $16-17 billion in FY23 as compared to APTMA’s targets of $25 billion and last year’s FY22 textile exports of $19 billion,” it added.

Meanwhile, Pakistan’s exports during July-March (2022-23) were recorded at $21.046 billion against the exports of $23.350 billion in July-March of 2021-22, showing a decline of nearly 10%, according to the trade data released by PBS earlier this month.

Comments

Comments are closed.

Tulukan Mairandi Apr 18, 2023 12:59pm
Most Pakistanis don't even have enough textile to wear...
thumb_up Recommended (0)
Abdulrehman Haroon Apr 18, 2023 01:34pm
Well it would've been a different story had the textile exporters actually put the myriad of subsidises and interest free loans the government gave them. Instead, they chose to use that free money to buy properties and hoard other commodities. You reap what you sow.
thumb_up Recommended (0)
Parvez Apr 18, 2023 02:13pm
Well done PDM....
thumb_up Recommended (0)
Anwar Chaudhry Apr 18, 2023 02:58pm
the worst is yet to come. Most of current export is on no profit basis which is not going to sustain rest of year. Instituational sector demand helped alot but it is also phasing out.
thumb_up Recommended (0)
Abdulrehman Haroon Apr 18, 2023 04:21pm
Well it would've been a different story had the textile exporters actually put the myriad of subsidises and interest free loans the government gave them, to good use. Instead, they chose to use that free money to buy properties and hoard other commodities. You reap what you sow.
thumb_up Recommended (0)
Pakistani Apr 18, 2023 04:44pm
Allah hafiz hai is mulk ka
thumb_up Recommended (0)
Muhammad Aumair Apr 18, 2023 04:58pm
Textile industry misused DLTL scheme and refinance scheme why 75year not increase why expoter rona duna always please strictly action APTMA
thumb_up Recommended (0)
Az_Iz Apr 18, 2023 05:01pm
The textile industry got cheap loans under TERF. They talk about having made $5 billion investment in the industry. It is time to deliver, without complaining and seeking more concessions from the government.
thumb_up Recommended (0)
Az_Iz Apr 18, 2023 05:04pm
A couple of months ago, textile industry was complaining about huge inventory buildup that they were sitting on. The rupee has depreciated since then. Which means more earnings in rupees. Don’t go out asking for more subsidies from the government.
thumb_up Recommended (0)
Qasim Apr 18, 2023 08:22pm
@Tulukan Mairandi, but you have enough to wear and sit in AC to comment on every single news and post.. must be a rich man or this is your bread and butter…
thumb_up Recommended (0)
Asim Apr 18, 2023 09:29pm
Compliments of crooks & corrupt and their sponsors.
thumb_up Recommended (0)
Humayun Apr 20, 2023 04:15am
Look where world is going and where we are stuck. This last year has even snuffed out what little hope we had as a nation. All I can say to our masters is ....... Sharam tum ko magar nahee atee.
thumb_up Recommended (0)
Riz Apr 20, 2023 11:19pm
@Abdulrehman Haroon, this is wrong and fabricated information,
thumb_up Recommended (0)
Riz Apr 20, 2023 11:20pm
this is wrong and fabricated info
thumb_up Recommended (0)
Ayaz Thaver Apr 21, 2023 07:34pm
Exporters are breaking their backs and earning for the country Soon a silver lining will show Export is Rizq-e-Halal Allah will give more BARKAT Don’t despair brothers!!!
thumb_up Recommended (0)