• Download the Constitution of Pakistan
  • Advertise
Tuesday, June 24, 2025
  • Login
NEWSLETTER
ECONOMY
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology
No Result
View All Result
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology
No Result
View All Result
ECONOMY
No Result
View All Result
Home Business

Textile exports may fall by $3bn this year, warns APTMA

by News Publishing
April 1, 2023
in Business
Reading Time: 2 mins read
0
Textile exports may fall by $3bn this year, warns APTMA
Share on FacebookShare on TwitterLinkedinWhatsapp

Pakistan’s textile exports could fall by $3 billion this year as compared to last year, the All Pakistan Textile Mills Association (ATPMA) has said, urging authorities to take an immediate and urgent intervention.

APTMA Patron in Chief Gohar Ejaz addressed a letter to Prime Minister Shahbaz Sharif on March 31 outlining his worries.

Ejaz stated that while the sector could readily generate $1.7 billion per month in line with exports generated last year, textile exports for February 2023 came in at $1.2 billion.

Incremental power consumption: ZRI ‘categories’ may be allowed to benefit from plan: APTMA urges PD

According to him, an extra $5 billion in capacity has also been installed or is being installed. However, due to currency problems and the lack of electricity, it is still inoperable.

He stated that the fall in textile exports had been accelerating.

“Over 50% of the industry has been closed as a result of the moratorium on the import of raw materials and essential spare parts, a lack of an adequate supply of energy at reasonable prices, and a systemic failure of the sales tax refund programme.

“Given the trajectory of decline, Pakistan is likely to fall short by $3 billion in textile exports from the exports achieved last year of $19.4 billion without taking into account any increase from newly installed capacity,” warned Ejaz.

APTMA also requested that a standard gas price of $7 per MMBtu be applied nationwide for the export sector.

The report asked the authorities to reopen SRO 1125, Zero rating for the textile value chain while collecting sales tax on domestic sales at the point of sale, and to immediately refund all outstanding sales tax, tuff, and other dues.

Ejaz added that to restore the industry’s supply chain, the export-oriented sectors should be allowed to open Letters of Credit for raw materials, machinery, spare components, and other items without restriction.

Pakistani conglomerate Crescent Steel and Allied Products suspends cotton plant operation

The letter comes as Pakistan’s economy is in dire straits, stricken by a balance-of-payments crisis as it attempts to service high levels of external debt amid political chaos and deteriorating security.

The country continues to experience a US dollar shortage, the rupee has fallen, and inflation has skyrocketed. These factors leave little room for imports, which has contributed to a sharp decline in the industry.

The APTMA chief, meanwhile, urged with the authorities in a letter to approve all imports from the export-oriented industry.

Tags: APTMAChief Gohar EjazlatestTextileTextile Exports
News Publishing

News Publishing

Related Posts

Govt Eyes $3.3 Billion in Foreign Loans From Chinese Banks

Govt Eyes $3.3 Billion in Foreign Loans From Chinese Banks

by News Publishing
June 24, 2025
0

The Government of Pakistan is working on securing two foreign loans totaling $3.3 billion from Chinese financial institutions, aimed at...

PSX stumbles over geopolitical tensions, oil price surge

PSX stumbles over geopolitical tensions, oil price surge

by News Publishing
June 23, 2025
0

The Pakistan Stock Exchange (PSX) came under significant pressure on Monday as heightened geopolitical tensions and a sharp rise in...

PM directs to acquire ships on lease to enhance fleet of PNSC

PM directs to acquire ships on lease to enhance fleet of PNSC

by News Publishing
June 20, 2025
0

Prime Minister Muhammad Shehbaz Sharif has directed the authorities concerned to acquire ships on lease to enhance fleet of Pakistan...

Sindh Unveils Budget 2025-26 with Pay and Pension Increases

Sindh Unveils Budget 2025-26 with Pay and Pension Increases

by Haris Ali
June 13, 2025
0

On June 13, 2025, the Sindh government unveiled the Budget 2025-26, announcing a series of financial relief initiatives for its...

Passenger Car Sales Surge Over 32% in Eleven Months

Passenger Car Sales Surge Over 32% in Eleven Months

by Haris Ali
June 13, 2025
0

In Pakistan, passenger car sales have increased by more than 32 percent, reaching 94,388 units in the first eleven months...

Pakistan, UAE Leaders Vow Stronger Cooperation in Pursuit of Peace and Stability

Pakistan, UAE Leaders Vow Stronger Cooperation in Pursuit of Peace and Stability

by Haris Ali
June 13, 2025
0

Pakistan and the United Arab Emirates (UAE) reaffirmed their commitment to close coordination and cooperation in pursuit of regional peace...

Next Post
Justice Hilali takes oath as first PHC woman chief justice

Justice Hilali takes oath as first PHC woman chief justice

About Us

Economy.pk is a source of economic, political, business, finance, health and sports updates.

Important Categories

  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology

Social Media

  • Facebook
  • Instagram
  • Twitter
  • Linkedin
  • YouTube
  • Linkedin
  • TikTok
  • WhatsApp
  • About
  • Advertise
  • Careers
  • Contact

© 2024 Economy.pk - Web Development by Digital Otters

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology

© 2024 Economy.pk - Web Development by Digital Otters