Textile sector in Pakistan faces setback
Shares
Due to an increase in production costs and cash flow issues, textile and clothing revenues on an annual basis decreased by 9.49% during the first 2 months of the current fiscal year.
According to a private TV report, textile and clothing revenues on an annual basis had dropped by 14.63% during the fiscal year 2023, leaving them at 16.5 billion dollars, while Pakistan's total merchandise exports recorded a decline of 12.71% to 27.54 billion dollars, compared to the previous fiscal year, which had remained at 31.78 billion dollars.
According to data released by the Pakistan Bureau of Statistics (PBS), textile and clothing revenues during July to August decreased to 2.76 billion dollars.
The trend of decline, which had recorded 3.05 billion dollars during the same period last year, is likely to continue in the first half of the fiscal year 2024.
