AIRLINK 74.00 Decreased By ▼ -0.25 (-0.34%)
BOP 5.14 Increased By ▲ 0.09 (1.78%)
CNERGY 4.55 Increased By ▲ 0.13 (2.94%)
DFML 37.15 Increased By ▲ 1.31 (3.66%)
DGKC 89.90 Increased By ▲ 1.90 (2.16%)
FCCL 22.40 Increased By ▲ 0.20 (0.9%)
FFBL 33.03 Increased By ▲ 0.31 (0.95%)
FFL 9.75 Decreased By ▼ -0.04 (-0.41%)
GGL 10.75 Decreased By ▼ -0.05 (-0.46%)
HBL 115.50 Decreased By ▼ -0.40 (-0.35%)
HUBC 137.10 Increased By ▲ 1.26 (0.93%)
HUMNL 9.95 Increased By ▲ 0.11 (1.12%)
KEL 4.60 Decreased By ▼ -0.01 (-0.22%)
KOSM 4.83 Increased By ▲ 0.17 (3.65%)
MLCF 39.75 Decreased By ▼ -0.13 (-0.33%)
OGDC 138.20 Increased By ▲ 0.30 (0.22%)
PAEL 27.00 Increased By ▲ 0.57 (2.16%)
PIAA 24.24 Decreased By ▼ -2.04 (-7.76%)
PIBTL 6.74 Decreased By ▼ -0.02 (-0.3%)
PPL 123.62 Increased By ▲ 0.72 (0.59%)
PRL 27.40 Increased By ▲ 0.71 (2.66%)
PTC 13.90 Decreased By ▼ -0.10 (-0.71%)
SEARL 61.75 Increased By ▲ 3.05 (5.2%)
SNGP 70.15 Decreased By ▼ -0.25 (-0.36%)
SSGC 10.52 Increased By ▲ 0.16 (1.54%)
TELE 8.57 Increased By ▲ 0.01 (0.12%)
TPLP 11.10 Decreased By ▼ -0.28 (-2.46%)
TRG 64.02 Decreased By ▼ -0.21 (-0.33%)
UNITY 26.76 Increased By ▲ 0.71 (2.73%)
WTL 1.38 No Change ▼ 0.00 (0%)
BR100 7,874 Increased By 36.2 (0.46%)
BR30 25,596 Increased By 136 (0.53%)
KSE100 75,342 Increased By 411.7 (0.55%)
KSE30 24,214 Increased By 68.6 (0.28%)
Markets

Pakistan’s textile exports slump continues in July: APTMA

  • Textile sector exports witness decline of 15% in July, clocking in at $1.31 billion
Published August 2, 2023

Pakistan’s textile sector exports witnessed a significant decline of 15% in July, clocking in at $1.31 billion compared to $1.54 billion recorded in the same month of the previous year, showed provisional data released by the All Pakistan Textile Mills Association (APTMA) on Wednesday.

Data showed the country’s textile exports in the first seven months of 2023 decreased by 21% to $9.09 billion, declining from $11.48 billion a year earlier.

APTMA invites Primark to open office in Pakistan

The decline is concerning for the South Asian economy, which is heavily dependent on exports to generate much-needed foreign exchange, as it deals with low reserves.

Although forex reserves held by the State Bank of Pakistan (SBP) have improved significantly, currently treading at $8.2 billion amid inflows from the International Monetary Fund (IMF) and bilateral partners including Saudi Arabia and UAE, reserves remain under pressure on account of external debt servicing.

Meanwhile, the country’s exports declined by 12.68% on a month-on-month (MoM) basis in the first month of the current fiscal year 2023-24 and remained $2.057 billion compared to $2.356 billion in June 2023, as per latest data released by the Pakistan Bureau of Statistics.

On a year-on-year (YoY) basis, exports witnessed a decline of 8.57% and were recorded at $2.057 billion in July 2023 against the exports of $2.250 billion in July 2022.

Meanwhile, Pakistan’s trade deficit narrowed by 13.35% on a MoM basis and remained $1.607 billion in July 2023 compared to $1.863 billion in June 2023.

Comments

Comments are closed.

Shahid Khan Aug 02, 2023 12:45pm
The government is not going into elections with this performance
thumb_up Recommended (0)
Muhammad aumair Aug 02, 2023 10:22pm
Once again remind APTMA textiles sector manupulate government and mafia group APTMA member this is not fair declaine main reason DLTL scheme closed Allah ka shukar hai DLTL scheme closed due to misused DLTL scheme and investment in property and money market
thumb_up Recommended (0)
Az_Iz Aug 03, 2023 04:55am
In year 2022 imports were around $7 billion a month. Now it is almost half. Amazing how it can be done. Of course it is creating economic hardship. But the sky hasn’t fallen.
thumb_up Recommended (0)