Wednesday, July 24, 2024

Pakistan’s Textile Exports Up 20% YoY in February

Provisional data released by the All Pakistan Textile Mills Association (APTMA) revealed a significant surge in Pakistan’s textile exports for February, reaching $1.41 billion compared to $1.18 billion in the same period last year. This is a notable year-on-year increase of nearly 20%, marking the third consecutive month of growth in textile exports.

Despite this positive trend, Pakistan’s textile exports for the first eight months of the fiscal year 2023-2024 saw a slight decline of 1%, amounting to $11.15 billion. Additionally, monthly exports witnessed a decrease of over 3% compared to January’s figures, which stood at $1.46 billion.

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Textile exports play a critical role in Pakistan’s economy, particularly in addressing foreign exchange shortages. They constitute a significant portion of the country’s exports and are essential for shoring up reserves, reducing reliance on debt-creating dollar inflows.

Recent data from the Pakistan Bureau of Statistics (PBS) indicated a decline of around 2.99% in the country’s textile group exports during the first seven months (July-January) of the current fiscal year. The sector’s exports amounted to $9.738 billion compared to $10.038 billion during the same period in 2022-23.

In response to challenges faced by the textile sector, APTMA has urged authorities to address issues such as cross-subsidies to nonproductive sectors. In a letter dated February 14 to Caretaker Minister for Energy Muhammad Ali, APTMA warned of potential closures of over 50% of firms in the textiles and apparel sector if corrective actions are not taken promptly.

The association highlighted the adverse impact of high energy prices on the international competitiveness of Pakistan’s textile exports, urging urgent attention to the matter.

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Zubair Yaqoob
Zubair Yaqoob
Zubair Yaqoob is a senior anchor, and an investigative journalist with an impressive 37 years of experience. Zubair's journalistic journey has been marked by a relentless pursuit of truth and a commitment to delivering impactful stories.Zubair's expertise extends beyond borders, reaching as far as Malaysia, where he has left an indelible mark on the international journalism landscape. His global perspective and keen analytical skills have allowed him to navigate diverse cultural landscapes, bringing a unique and enriching perspective to his reporting.Whether he's in the studio or on the field, Zubair continues to be a driving force in the world of journalism, bridging gaps, fostering understanding, and unraveling the stories that matter most. As the Headline PK Author, Zubair remains at the forefront of news, guiding audiences through the complexities of our ever-evolving world.

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