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Markets

Pakistan’s textile exports plunge 29% year-on-year in April

  • Amount to $1.24bn during last month, according to provisional data released by APTMA
Published May 3, 2023

Pakistan’s textile sector exports witnessed a significant decline of 29%, clocking in at $1.24 billion in April 2023 compared to $1.74 billion recorded in the same month of previous year, showed provisional data released by the All Pakistan Textile Mills Association (APTMA) on Tuesday.

Data showed the country’s textile exports in the first ten months of FY23 decreased by 14% to $13.71 billion from $15.97 billion a year earlier.

The decline in textile exports, a crucial industrial sector of Pakistan, has raised concerns for the South Asian economy, which is dealing with low foreign exchange reserves.

Forex reserves held by the State Bank of Pakistan (SBP) are treading at $4.46 billion, barely enough for a month of essential imports.

Earlier, APTMA had warned that the country’s textile exports could fall by $3 billion this year as compared to last year, while urging authorities to take immediate and urgent intervention.

“The decline in textile exports has been progressively accelerating,” APTMA Patron in Chief Gohar Ejaz had said in a letter to Prime Minister Shahbaz Sharif.

“Given the trajectory of decline, Pakistan is likely to fall short by $3 billion in textile exports from the exports achieved last year of $19.4 billion without taking into account any increase from newly installed capacity,” warned Ejaz.

Pakistan’s trade deficit narrowed by 39.62% to $23.713 billion during the first 10 months (July-April) of the current fiscal year 2022-23 as compared to $39.272 billion during the same period of last year, the Pakistan Bureau of Statistics (PBS) said.

The country’s exports during July-April (2022-23) were recorded at $23.174 billion against the exports of $26.247 billion in July-April of 2021-22, showing a decline of 11.71%, according to the trade data released by PBS on Tuesday.

Comments

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Jonathan May 03, 2023 01:47pm
The the fools were celebrating a decline in current account!
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Tulukan Mairandi May 03, 2023 01:58pm
Soon it will be zero
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KhanRA May 03, 2023 02:40pm
Wow, who would have guessed that in a world of integrated supply chains, that restricting imports would hurt exports? Not our finance minister it seems, who thinks he can run a planned economy like a modern Soviet Union.
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Parvez May 03, 2023 05:22pm
Well done Shahbaz Sharif, the PDM team and especially their powerful brainless backers.
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Az_Iz May 03, 2023 10:32pm
The textile industry got cheap loans under TERF. Now it is time to deliver results. Don’t go around asking for subsidies from the government or start giving excuses like subdued external demand which is not correct. Retail sales in export destinations are are holding up.
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Sagar Baloch May 04, 2023 06:16am
They are killing the business intentionally.it"s all about the rivalry between PTI and PDM.they know they can't win the upcoming election so they are making worst possible scenario for IK.doing their level best to wipe out the economy of pakistan wherever its possible and creating massive challenges for PTI by destroying the entire Nation.the devils doesn't care about the consequences affected to lower and middle income.yet they expect mercy from lord after beating lucifer in cruelty.
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Muhammad Aumair May 04, 2023 09:42pm
Once again remind you and inform APTMA manupulate government and not increase export in reason only unwashed demand like this liquidity issued but real reason not liquidity issued only misused DLTL scheme and refinance scheme and all amount investment in property please request gohar sir explain
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Muhammad Aumair May 04, 2023 09:43pm
@Tulukan Mairandi, rona duna and misused DLTL scheme and refinance scheme only money investment property
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