Textile mills forced to shut down over rising costs
MG News | October 05, 2022 at 02:22 PM GMT+05:00
October 5, 2022 (MLN): Textile mills across the country have been forced to shut down owing to energy prices, a press release issued on Wednesday showed.
Textile exporters are expected to take up the rising input costs with Finance Minister Ishaq Dar on Thursday to discuss the issues faced by the textile manufacturers.
Textile manufacturers say that the ongoing global recession which has curtailed demand in major export markets and energy crisis in country have left them with no option but to close the mills. Almost 35% of textile mills in Punjab and 25% in Sindh have been shut down due to high electricity prices, Punjab textile mills are getting electricity supply at 21 cents and gas at 9 cents or Rs2,170 per mmBtu, while Sindh-based millers are getting gas at 4 cents or Rs 880 per mmBtu.
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