Pakistan’s Textile Exports Surge 20% YoY in February, Reaching $1.41 Billion
Pakistan’s textile sector experienced a significant boost in exports during February, reaching $1.41 billion, marking a nearly 20% year-on-year increase compared to the same period last year, according to provisional data released by the All Pakistan Textile Mills Association (APTMA). This positive trend marks the third consecutive month of year-on-year growth in textile exports.
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However, despite the recent monthly surge, the country’s overall textile exports in the first eight months of the fiscal year 2023-2024 recorded a slight decline of 1%, amounting to $11.15 billion. On a monthly basis, exports decreased by over 3% compared to January’s figure of $1.46 billion.
The textile industry plays a pivotal role in Pakistan’s economy, contributing significantly to export earnings. The recent boost in textile exports is crucial for the country, which faces foreign exchange challenges and relies on textile exports to bolster its reserves.
In light of the positive export performance, it’s essential for Pakistan to address underlying issues such as energy prices, as highlighted by APTMA. The association recently urged authorities to take corrective measures, emphasizing the need to end cross-subsidies to nonproductive sectors.
The competitiveness of Pakistan’s textile and apparel exports is under threat due to higher energy prices compared to competing countries, and APTMA stressed the urgency of addressing this issue to sustain the industry’s growth.
Source: Business Recorder
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