Pakistan's textile sector has suffered a significant blow, with a sharp decline of 25.76% in total textile exports, according to a report by the State Bank of Pakistan. The country's textile exports plummeted to $1.17 billion in comparison to the $1.58 billion recorded during the same period last year.

The decline in exports was not only witnessed on an annual basis but also on a monthly basis. In April 2023, the textile group experienced a 10.42% decrease compared to the previous month. Throughout the ten months of the fiscal year 2023, textile exports accumulated to $14.11 billion, marking a significant decline of 6.51% YoY compared to the corresponding period in FY22, which recorded $15.09 billion in exports.

Textile products remained the primary exportable goods for Pakistan in April 2023, accounting for 55.74% of the total exports for the month. However, it is concerning that key contributing products within the textile sector, including knitwear, readymade garments, and bedwear, experienced declines of 29.29% YoY, 28.69% YoY, and 16.77% YoY, respectively, when compared to April 2021.

The sharp decline in Pakistan's textile exports raises concerns for the country's economy and the overall health of its textile industry.