Bad economic situation record 16% decline in textile exports

Bad economic situation, record 16% decline in textile exports

Islamabad (Daily Pakistan Online) In December 2022, exports of textiles and clothing have recorded a decrease of 16.47% due to the economic situation of Pakistan.

According to the private TV channel “Dawn News”, Pakistan’s textile exports have decreased to 1 billion 350 million dollars, which was recorded at 1 billion 620 million dollars in December 2021, a decrease in total exports has been seen for 4 consecutive months. , the shortfall shows that the government is facing difficulties in meeting the export target during the current fiscal year, which is putting pressure on the country’s foreign exchange reserves.

The continuous decline in textile and clothing exports since the last 4 months is due to increase in energy costs, delay in refunds and depreciation of rupee.

Exporters believe that the main reason for the decline in exports is exchange rate instability, besides the government’s removal of duty drawback on local taxes and levies, the export sector is facing cash flow problems.

However, no statement has been issued by the Ministry of Commerce regarding the reason for the continuous decrease in exports, since Commerce Minister Naveed Qamar has been making continuous foreign visits after assuming the office of the Ministry.

According to the data of Pakistan Bureau of Statistics, in December 2022, exports of ready-made garments recorded a negative growth of 7.92 percent in terms of value, but its volume increased by 50.5 percent, while exports of knitwear in terms of value recorded a negative growth of 7.92 percent. A decrease of 19.54 percent and an increase of 24 percent in quantity, bedwear recorded a decrease of 17.77 percent in terms of value and 22.74 percent in terms of value.

Apart from this, a decrease of 14.05% in terms of value and 13.09% in quantity was recorded in exports of towels, while a decrease of 13.97% in exports of cotton fabrics and 19.42% in terms of value was recorded.

Apart from this, a decrease of 60.71% in the exports of cotton yarn and 19.09% decrease in other yarns except cotton yarn was recorded, while there was a decrease of 49.92% in the exports of made-ups other than towels and a decrease of 26.04% in the exports of tents, canvas and tents. Recorded

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