According to provisional data released by the All Pakistan Textile Mills Association (APTMA) on Tuesday, Pakistan’s textile sector experienced a modest increase in exports during March, reaching $1.3 billion compared to $1.26 billion in the same period last year, marking a 3% year-on-year growth. This marks the fourth consecutive month of year-on-year growth in textile exports.
However, despite this recent uptick, the country’s textile exports for the first nine months of the fiscal year 2023-2024 saw a slight decrease of 0.3% or $0.04 billion, totaling $12.44 billion. Additionally, monthly exports dipped by almost 8% compared to February’s $1.41 billion.
Textile exports play a crucial role in Pakistan’s economy, particularly in addressing its foreign exchange shortages, with textiles constituting a significant portion of the country’s exports.
APTMA recently criticized a 223% increase in gas tariffs over the past year, deeming it harmful to Pakistan’s export-focused textile industry. The association argued that such a steep rise in energy costs is eroding the industry’s competitiveness in the global market.
APTMA has urged the federal government to reconsider its decision to hike gas tariffs, emphasizing the need to maintain competitiveness in international markets. The recent surge in gas tariffs, according to APTMA, has had disastrous consequences for Pakistan’s export-oriented textile industry, which accounts for 60% of the country’s total exports.
