Textile exports fall 12% in January

ISLAMABAD: Pakistan’s textile exports witnessed a decline of 12% year-on-year to $1.36 billion in January 2023, ARY News reported on Thursday.

On a year-on-year basis, textile exports stood at $1.55 billion in January of the previous fiscal year.

According to the Pakistan Bureau of Statistics (PBS) data, the exports of the textile industry dropped 8% from July to January. The textile exports remained $10.8 billion from July to January as compared to last year’s $10.93 billion.

The decline was witnessed at a time when the federal government increased focus on exports to earn more foreign exchange but the textile sector’s performance remained unimpressive in the global markets.

Meanwhile, the closure of 150 textile mills raised the alarm bell regarding the severe crisis in the textile sector due to skyrocketing energy prices.

According to details, a total of 150 spinning and weaving textile mills in the country were closed in the last five months due to an increase in the energy crisis in Pakistan, which results in the unemployment of at least 2 million people.