APTMA seeks cut in power tariff

ISLAMABAD: All Pakistan Textile Mills Association (APTMA) on Monday urged the government to reduce power tariff to restore industry based in the country, ARY News reported.  

Addressing a press conference, APTMA Chairman Asif Inam said that the meeting with caretaker energy and trade ministers was ‘positive’, hoping that matters will be settled on power tariff.

Asif Inam noted that the association has demand a cut in power tariff by Rs10.85, saying that competitive energy cost was necessary to increase domestic exports.

“The textile industry was not able to enhance export at the current prices of electricity,” he said, pointing out that textile exports were reducing at an ‘alarming rate’.

Giving further details, the APTMA chairman noted that in fiscal year 2022, textile exports were $19 billion, while they dropped to $16 billion in FY 2023.

However, the export target for the current financial year is $25 billion.

He also pointed out that Bangladesh was taking measures to increase it textile exports from $48 to $70 billion.

In July, the All Pakistan Textile Mills Association (APTMA) report stated that the textile exports have fallen 15 percent to $16.51 billion.

As per details, textile exports have fallen 15 percent to $16.51 billion from $19.32bn in the previous fiscal year.

The textile exports have declined by a record $2.81 billion as compared to FY 2023 which is equal to the recently signed Pakistan-IMF standby program.

APTMA reported stated that a 13 percent decline was recorded in June 2023 as compared to June 2022. Whereas, June’s 2023 export figures stood at $1.48bn, compared to $1.71bn during the same month the previous year.

Furthermore, the report said that textile exports have been declining consistently for the last nine months since October 2022.