Pakistan’s Textile Exports Likely to Fall by $3 Billion This Year
Pakistan’s textile shipments are expected to fall by $3 billion in the current fiscal year (FY23), compared to $19.4 billion in the previous fiscal year (FY22).
The All Pakistan Textile Mills Association (ATPMA) stated in a letter to Prime Minister Shehbaz Sharif that the decline in textile exports has been gradually accelerating, with exports in February totaling $1.2 billion, more than 28 percent less than exports in the same month last year.
According to ATPMA, extra capacity has been installed or is being installed through a $5 billion (TERF/LTTF) investment, but it is not yet operational due to currency problems and energy shortages.
According to the association, the drop in exports is due to a moratorium on the import of raw materials and critical spare parts, a lack of sufficient supply of energy at competitive prices, and the failure of the sales tax refund system. According to the report, 50 percent of the business is now closed due to these factors.
The textile industry has called for immediate action to reverse this decline before “irreversible harm” to installed capacity is caused by bankruptcies and permanent loss of orders.
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