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Pakistan’s textile exports grow to $1.41 billion in February 2024: APTMA

 

Marking the third consecutive month of year-on-year increase, Pakistan's textile exports grew by 20 per cent Y-o-Y to $1.41 billion in February this year as compared to $1.18 billion in the same period last year, shows provisional data released by the All Pakistan Textile Mills Association (APTMA). 

However, Pakistan’s textile exports for the first eight months of the fiscal year 2023-2024 declined by 1per cent to $11.15 billion.

Pakistan’s monthly textile exports also declined by over 3 per cent compared to January, which recorded $1.46 billion in exports. 

Textiles form a significant portion of Pakistan’s exports as they enable the country to address foreign exchange shortages. 

According to the latest data from the Pakistan Bureau of Statistics (PBS), textile group exports decreased by approximately 2.99 per cent during the first seven months (July-January) of the current fiscal year, amounting to $9.738 billion compared to $10.038 billion during the same period in 2022-23.

In a letter addressed to Muhammad Ali, Caretaker Minister for Energy, APTMA urged authorities to eliminate cross-subsidies to nonproductive sectors. The association warned that without urgent corrective measures, over 50 per cent of firms in the textiles and apparel sector could cease operations in the coming weeks.

The association highlighted the continuous erosion of Pakistan's textiles and apparel exports in international competitiveness due to increasing energy prices, which are, on average, over twice those in competing countries. It urged authorities to address this issue promptly.

 

 
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