APTMA to evolve strategies for boosting trade volume

All Pakistan Textile Mills Association (APTMA) on Thursday deliberated on strategies to enhance trade opportunities for the textile sector.

In a significant move to address the challenges faced by Pakistan’s textile industry, the APTA delegation, led by its chairman, held a meeting with Dr Gohar Ejaz, the Caretaker Federal Minister for Commerce and Industries and Production, said a press release issued today.

During the meeting, the delegation engaged in a comprehensive discussion with the minister regarding the critical issues plaguing the textile industry.

One of the major issues highlighted by the delegation was the energy tariff, which they emphasized should be regionally competitive to ensure the sustainable operation of textile mills and to effectively compete in the global market.

The discussion also centred on finding viable solutions to propel the textile industry towards its optimal potential.

In response, the Caretaker Federal Minister Dr Gohar Ejaz expressed his keen interest in practical solutions that could boost trade volume within the textile sector.

He acknowledged the immense potential of the textile industry and urged the delegation to provide actionable suggestions to unlock this potential.

The minister’s call for tangible solutions underscores the government’s commitment to revitalising the textile industry and harnessing its power to contribute significantly to the national economy.

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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.