Textile exports fall 15% to $16.5bn

ISLAMABAD: All Pakistan Textile Mills Association (APTMA) report stated that the textile exports have fallen 15 percent to $16.51 billion, ARY News reported.

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.

Earlier, all Pakistan Textile Mills Association (APTMA) warned that the textile sector is on the verge of default. In a letter to governor State Bank of Pakistan (SBP) Jameel Ahmed, the APTMA said that currently the textile industry is facing three major issues.

The textile sector is on 50 percent less production capacity and approximately 7 million people have lost their jobs in textile sector. The letter further states that if the textile sector is closed over 10 million people will lose their jobs across the country and 10 billion lost to the annual imports