KARACHI: Textile exports experienced a significant decline of approximately 14 percent during 10-month period of fiscal year 2023, dropping to $ 13.7 billion, according to data released by Pakistan Bureau of Statistics. This marks substantial decrease from previous year’s figure of $ 15.9 billion.

Experts attribute this slowdown to global recession, resulting in lower export orders, combined with challenging domestic environment. Insight Research, textile analyst, Asim Hassan states, “Slowdown is mainly attributable to global recession resulting in lower export orders coupled with challenging domestic environment.”

In April 2023, textile exports witnessed year-on-year decrease of 29 percent, amounting to $ 1.23 billion. Arif Habib Limited (AHL), Head of Research, Tahir Abbas notes that this marks seventh consecutive year-on-year decline in monthly textile exports.

Topline Securities, textile analyst, Nasheed Malik explains that compared to April 2022, Pakistan’s textile exports were down by 29 percent year-on-year and 9 percent year-on-year in Pakistan rupee terms.

This decline is primarily attributed to 29 percent and 32 percent drop in value-added and basic segments, respectively. In value-added segment, bedwear, knitwear, readymade garments and towels witnessed declines of 22 percent, 34 percent, 29 percent and 26 percent respectively.

Published in The Daily National Courier, May, 24 2023

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