Billions of Dollars Decrease in Pakistan’s Textile Exports



News Desk: In the current fiscal year, Pakistan’s textile exports have recorded a huge decrease of billions of dollars. According to the new data released by APTMA, compared to the last financial year, textile exports this year saw a decrease of two billion and eighty one million dollars. In the last ten years, this year has been very disappointing in terms of growth.

According to APTMA, there has been a significant decrease of fifteen percent in textile exports during the financial year 2023, in the twelve months of the fiscal year 2023, textile exports were recorded at 16 billion and fifty one million dollars.

In the fiscal year 2022, textile exports were 19 billion. It was worth thirty two million dollars. According to the data, textile exports have continued to decline for nine consecutive months since October 2022. For the first time in the fiscal year 2022, textile exports had reached nineteen billion and thirty million dollars.

According to APTMA, this decrease in exports is equivalent to the amount of the IMF’s standby program. In June 2023, textile exports decreased by thirteen percent compared to June 2022, compared to one billion seventy-one billion dollars in June 2022.

In June 2023, textile exports were one billion and forty-eight million dollars. Meanwhile, a high-level delegation of a well-known international textile brand met with caretaker Chief Minister Punjab Mohsin Naqvi today, in which issues related to increasing textile exports were discussed.

Provincial Minister for Industries SM Tanveer, Chief Secretary and Chairman P&D briefed the delegation while well-known industrialist Gohar Ejaz informed the delegation about the steps taken to increase cotton production in Punjab.

The delegation was told in the briefing that incentives and support price are being given to the farmers for the best production of cotton in Punjab, effective measures have been taken to prevent fake seeds and pesticides for obtaining quality cotton.

Caretaker Chief Minister Mohsin Naqvi said that planning is being done to supply electricity to the industry at a reasonable rate in Punjab, all institutions are on the same page for the promotion of industry and trade.

They will provide all facilities to the industry to increase exports from Punjab. The delegation included John Stephen, Mathewrods, Siddique Bhatti, Habib Anwar and Aamir Fayyaz, Secretary Energy, Secretary Industries, Chief Executive Officer Punjab Investment Board and related officials were also present on the occasion.

Updated: July 29, 2023 — 4:11 am

Sharing is Caring

Leave a Reply

Your email address will not be published. Required fields are marked *