Karachi: Exports of Pakistan’s textile sector witnessed significant decline of 22.6 percent, clocking in at $ 1.26 billion in March 2023 compared to $ 1.63 billion recorded in same month of previous year, showed latest data released by Pakistan Bureau of Statistics (PBS).

Data showed country’s textile exports in first nine months of FY23 decreased by 12.4 percent to $ 12.48 billion, declining from $ 14.24 billion year earlier. Decrease in key textile exports is concerning for South Asian economy, which is dealing with low foreign exchange reserves. Forex reserves held by State Bank of Pakistan are currently at $ 4.04 billion, barely enough for month of essential imports.

Textile exports may fall by $ 3 billion this year, warns APTMA. On month-on-month basis, textile exports registered an increase of 6.6 percent as compared to $ 1.18 billion recorded in February.

“Increase is indicative of MoM recovery in global textile demand. Textile manufacturers of Pakistan have seen improved orders from Europe and USA for value-added segment,” said Nasheed Malik, an analyst at Topline Securities in report.

Published in The Daily National Courier, April, 19 2023

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.