Exports of Pakistan’s textile sector showed growth in October, clocking in at $1.43 billion compared to $1.36 billion recorded in the same month of the previous year, a year-on-year increase of over 5%, showed provisional data released by the All Pakistan Textile Mills Association (APTMA) on Thursday.

This is the first month when textile exports have posted a year-on-year increase during 2023.

Data showed the country’s textile exports in the first ten months of the calendar year 2023 decreased by 16% to $13.34 billion, down from $15.88 billion in the same period of 2022.

During the ongoing fiscal year 2023-24 (July-October), textile exports declined by 7% to $5.55 billion in 4MFY24, as compared to $5.94 billion in 4MFY23.

Meanwhile, on a monthly basis, the textile exports improved over 5%, as compared to $1.36 billion recorded in September.

Last month, APTMA in its meeting with the government authorities sought electricity tariff competitive with regional countries and without cross subsidy of Rs10.85 per unit being extended to non productive sectors.

The government was made aware of energy issues faced by the textile industry — specifically high power tariffs of 16 cents/kWh that are currently being charged to the industry, and the uncertainty surrounding the availability and pricing of gas/ RLNG.

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 has to rely on debt-creating dollar inflow to shore up reserves.

Although forex reserves held by the State Bank of Pakistan have improved, currently at $7.5 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.

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Tariq Qurashi Nov 02, 2023 03:15pm
Well done textile industry! Keep it up!
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Tulukan Mairandi Nov 02, 2023 03:59pm
Goes up 5% after slumping 30%
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Az_Iz Nov 02, 2023 04:50pm
Energy may be a bit expensive compared to regional competitors, but a better cotton crop, rupee devaluation without a corresponding wage increase, and cheap TERF loans should make up for it. Instead of cheaper energy as a means for success, the industry could focus on value addition, investment in technology and R&D to become more competitive. Garment industry could also scale up, as it is not as energy intensive. It will produce more jobs, including for females. Nonetheless, Keep up the good work textile industry. You are heading in the right direction.
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Az_Iz Nov 02, 2023 06:51pm
Let’s hope, the textile industry will continue to do well and make progress, in the future, without asking for incentives, as it has done , the last month. The country cannot keep on giving subsidies.
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Az_Iz Nov 02, 2023 07:00pm
Let’s hope the country can keep CAD in check like it is doing lately. It is so much better for a country to stand on its feet and pay it’s own bills, instead of running around looking for loans and support from brotherly countries, which makes one feel sick in the stomach.
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Az_Iz Nov 02, 2023 07:03pm
End all subsidies. From cooking oil and other food items, to cheap energy for any industry. Instead use that money for constructive and productive purposes. Like building infrastructure, dams, health and education.
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Abrar Ahmed Nov 02, 2023 08:24pm
Cheaters and liars. They lift more cotton, document less, under invoice export quantum and are dishonest mafia.
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Muhammad aumair Nov 02, 2023 10:42pm
APTMA mafia always manupulate government this mafia group not increased exports but only scheme facilities like DLTL scheme worst due to misused DLTL scheme and lot of investment property and money market
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Sani Abubakar Nov 03, 2023 03:10pm
Hi
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Sani Abubakar Nov 03, 2023 03:10pm
Hi
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