Pakistan Textile Exporters Association (PTEA) says there has been a drastic downfall of 14.4 per cent in exports of the country since July 2015 whereas exports of the competing country Bangladesh has increased by 8 per cent in the same period. Pakistan’s total exports declined to $12.087 billion in the first seven months of the current fiscal year (Jul-Jan) 2015-16 from $14.115 billion during the same period last year. According to a member of the Karachi Chamber of Commerce and Industry (KCCI), the government without perceiving the significance of time has wasted seven months of the current fiscal year and is still yet to release the trade policy and the new auto policy.
As per the PTEA statement, 5 per cent of the export revenue gets stuck in present refund regime of which resultantly massive working capital has been stuck up which is the major cause of export decline. Refunds of goods exported 12 months earlier are still outstanding, the statement said.
PTEA also complained for being charged above the settled price for Regasified Liquefied Natural Gas (RLNG), while describing the terrible state of Punjab based textile industry because of fuel gas deprivation