A delegation of Pakistan Hosiery Manufacturers and Exporters Association (PHMA) has requested Finance Minister Miftah Ismail to lift the ban on import of textile machinery and equipment to increase the production capacity of the region and incre

Restrictions imposed by the State Bank of Pakistan (SBP) are impacting the hosiery exports from the country, according to WealthPK Report.

The SBP has imposed sanctions to strengthen the national economy to reduce the import bill and reduce the gap between the country’s exports and imports. ase exports.

The Foreign Exchange Operations Department (FEOD) of SBP has banned the import of all types of industrial machinery. Prior permission is required for import of such machinery and other related items. The restrictions have hit the industry as it regularly imports textile machinery and equipment.

Exporters of hosiery products said that they were inconvenienced a lot by taking prior permission for import of machinery as they failed to fulfill their commitments with respect to export orders on time.

Mian Kashif Zia, President, PHMA says, exports act as a lifeline to earn valuable foreign exchange, especially in the current scenario as Pakistan was facing unprecedented challenges and had a massive deficit of $17.4 billion. He urged the government to resolve the issues by easing the restrictions imposed on the import of machinery.