In February, Pakistan’s textile sector experienced significant growth in exports, reaching $1.41 billion compared to $1.18 billion in the same month last year, marking a nearly 20% year-on-year increase, according to provisional data released by the All Pakistan Textile Mills Association (APTMA) on Monday. This marks the third consecutive month of year-on-year growth in textile exports.
However, textile exports for the first eight months of the fiscal year 2023-2024 decreased by 1%, or $0.07 billion, totaling $11.15 billion.
Every month, exports saw a slight decline of over 3% compared to January’s $1.46 billion.
Textile exports play a crucial role in Pakistan’s economy, particularly in addressing foreign exchange shortages. They constitute a significant portion of the country’s exports.
Recent data from the Pakistan Bureau of Statistics (PBS) indicates a decline of approximately 2.99% in textile group exports during the first seven months (July-January) of the current fiscal year, amounting to $9.738 billion compared to $10.038 billion in the same period last year.
APTMA, representing a major industrial sector in Pakistan, has urged authorities to eliminate cross-subsidies to nonproductive sectors. In a letter dated February 14 addressed to Caretaker Minister for Energy Muhammad Ali, APTMA warned of potential shutdowns for over 50% of firms in the textiles and apparel sector if corrective actions are not taken urgently. The association highlighted the adverse impact of high energy prices on the international competitiveness of Pakistan’s textiles and apparel exports, calling for immediate attention to the issue.
