Pakistan’s textile exports plunge 12% year-on-year in September: APTMA
- On a monthly basis, exports decrease nearly 8% in comparison to August
Exports of Pakistan’s textile sector continued to maintain a downward trajectory, clocking in at $1.35 billion in September compared to $1.53 billion recorded in the same month of the previous year for a year-on-year decline of 12%, showed provisional data released by the All Pakistan Textile Mills Association (APTMA) on Wednesday.
Data showed the country’s textile exports in the first nine months of the calendar year 2023 decreased by 18% to $11.9 billion, down from $14.53 billion in the same period of 2022.
Pakistan’s textile exports are crucial as they make up for the bulk of the country’s exports. The year-on-year decline is concerning for the South Asian economy, which faces a shortage of foreign exchange, and relies on some non-debt creating dollar inflow to shore up reserves.
Meanwhile, on a monthly basis, the textile exports declined by nearly 8%, as compared to $1.46 billion recorded in August.
Although forex reserves held by the State Bank of Pakistan (SBP) have improved, currently at $7.67 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.
Earlier, Minister for Commerce Dr Gohar Ejaz, who is also the patron-in-chief of APTMA, expressed his optimism for the textile sector, stating, “cotton arrivals crossing the five million bales mark on October 1, 2023, is a momentous achievement for Pakistan.
“This is even more than last full year’s figure of 4.9 mil. bales, which was a 34% YoY decline over the preceding year.
“This remarkable growth showcases the dedication and hard work of our farmers and the resilience of our cotton industry,” Gohar said on Wednesday.
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