Pakistan's textile exports dropped by 10 per cent to $1.54 billion in July 2022 compared to $1.71 billion in June 2022, as per reports by the All Pakistan Textile Mills Association (APTMA).
On a yearly basis, textile exports dropped by 5 per cent, compared to $1.47 billion recorded in July 2021, showed the provisional data released by APTMA. In July 2022, the percentage of textile exports in total exports reached 66 per cent.
The decline in exports can be attributed to lack of energy supplies, which reduced textile export growth from double digits to single digits. APTMA had earlier urged authorties to restore gas and RLNG supply of the export-oriented industry on an urgent basis.
Pakistan’s textile sector accounts for a major share of country’s exports, which are vital for the cash-strapped economy. Pakistan suffers from low foreign exchange with policymakers mostly scrambling to ensure dollar inflows. In such an environment, many experts have stressed on exports, especially in a rupee-depreciating environment.