July 03, 2023 (MLN): In a substantial setback for Pakistan's economy, textile exports for the fiscal year 2022-2023 witnessed a notable decline of 15%, resulting in a loss of $2.8 billion, as per the latest data released by All Pakistan Textile Mills Association (APTMA).
The country's earnings from the textile sector for FY22-23 stand at $16.5bn.
This year's performance showed a significant obstruction compared to the previous fiscal year (FY22) when textile exports amounted to $19.32bn.
The decline has raised fears among industry experts and policymakers, calling for imperative action to address the issues plaguing the textile sector.
The latest data from June 2023 further composites the worrying trend, with textile exports deteriorating by 13% compared to June 2022.
Moreover, June's export figures stood at $1.48bn, compared to $1.71bn during the same month the previous year.
This drop indicated a nonstop downward trajectory for the sector, demanding immediate attention.
Several factors have contributed to this decline, including rising input costs, energy shortages, political instability, and global market fluctuations.
The decrease in textile exports is of great concern as it directly affects Pakistan's foreign exchange reserves, employment opportunities, and overall economic growth.
The textile sector is an important contributor to the country's GDP, and any adverse expansions in this industry have a ripple effect on the broader economy.
