Karachi: Textile sector exports witnessed significant decline of 12.4 percent, clocking in at $ 1.36 billion in January 2023 in comparison to $ 1.55 billion recorded in same month of previous year, showed provisional data released by All Pakistan Textile Mills Association (APTMA).

Report said country’s textile exports in first 7 months of FY23 decreased by 8 percent to $ 10.08 billion, declining from $ 10.93 billion recorded in 7MFY22.

Decline in textile exports is concerning for South Asian economy, which is already facing depleting foreign exchange reserves. Its central bank has reserves of just $ 3.7 billion remaining, barely enough for three weeks of essential imports.

Asif Inam Chairman APTMA said textile sector, single largest manufacturing sector of Pakistan is confronted with numerous challenges. “Worsening international economic situation primarily caused by Ukraine crisis combined with floods in Pakistan has negatively impacted already inefficient supply chains of country. “While industry requires 14 million bales, country could only produce 5 million bales of cotton domestically.

“To meet this gap cotton needs to be imported; however, forex issues in economy have curtailed imports of cotton and other essential inputs for exports.

Published in The Daily National Courier, February, 03 2023

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