August 23, 2023 (MLN): To increase the country's textile export base, the Ministry of Commerce (MOC) is currently in the process of a strategy for export enhancement and therefore requested all textiles, apparel, leather, footwear, and gloves sectors to submit their short, medium, and long-term proposals, as per a notice issued by the MOC on Tuesday.
A notice regarding this matter has been distributed to twenty-five textile export councils and associations.
It is important to mention that the current account balance for July 2023 witnessed a decline of 3.61x MoM to stand at negative $809 million compared to the surplus of $334m in June 2023.
Export figures witnessed a decline of 1.45% MoM in July to clock in at $2.65bn as compared to $2.65bn in June 2023.
In contrast, the import numbers showed a massive increase of 29.80% MoM to $5.03bn in July as compared to $3.88bn in June.
This substantial disparity between exports and imports led to a current account deficit, bringing an end to a series of four consecutive monthly surpluses.
In July 2023, textile products remained the major exportable goods for Pakistan as this group accounted for 60.72% of the total exports during the review month.
However, total textile export registered a fall of 10.90% YoY to $1.28bn in July 2023 compared to $1.44bn recorded in the same period of last year.
This initiative is to expand the export base of the country in the most crucial sector and reduce the gap between exports and imports.
