Once again, textile exports from Pakistan have entered negative territory, with March 2024 witnessing a month-on-month decline of 7.67%. This marks the second consecutive month of sluggish global sales for this vital sector of the economy.
In March, textile exports amounted to $1.299 billion, down from February’s $1.407 billion. However, compared to the previous year, exports saw a modest increase of 2.74%.
While there were brief periods of positive growth in December 2023 and January 2024, driven by events like “Black Friday” and Christmas sales, long-term concerns persist among exporters. They emphasize the need for a clear, business-friendly policy framework and subsidized energy tariffs to significantly boost textile exports.
During the recent growth periods, Gohar Ejaz, the Patron-in-Chief of All Pakistan Textile Mills Association (Aptma), served as the caretaker federal minister of commerce, trade, and production. Despite this, the industry did not see relief, particularly in energy tariffs.
Rising energy prices exacerbate the challenges faced by the textile industry, leading to concerns of further declines in export revenue in the coming months.
Data breakdown reveals a gloomy picture across various textile sectors. For instance, exports of readymade garments dropped by 6.43% in March compared to February, while art, silk, and synthetic textile exports witnessed a decline of 9.93%. Similarly, the bed wear category experienced an 11.71% decrease in shipments for March.
