Pakistan textile exports face a big setback worth $3 billion
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ISLAMABAD: All Pakistan Textile Mills Association (APTMA) report stated that the textile exports have fallen 15 percent to $16.51 billion.
As per details, textile exports have fallen 15 percent to $16.51 billion from $19.32bn in the previous fiscal year.
the textile exports have declined by a record $2.81 billion as compared to FY 2023 which is equal to the recently signed Pakistan-IMF standby program.
APTMA reported stated that a 13 percent decline was recorded in June 2023 as compared to June 2022. Whereas, June’s 2023 export figures stood at $1.48bn, compared to $1.71bn during the same month the previous year.
Furthermore, the report said that textile exports have been declining consistently for the last nine months since October 2022.
Earlier, all Pakistan Textile Mills Association (APTMA) warned that the textile sector is on the verge of default. In a letter to governor State Bank of Pakistan (SBP) Jameel Ahmed, the APTMA said that currently the textile industry is facing three major issues.
