The All Pakistan Textile Mills Association (APTMA) released provisional data on Tuesday that showed a 3% year-over-year increase in the textile sector’s exports to Pakistan, which came in at $1.3 billion in March as opposed to $1.26 billion in the same month the previous year.
For the fourth month in a row, textile exports have increased year over year. However, the nation’s textile exports decreased by 0.3%, or $0.04 billion, to $12.44 billion in the first nine months of the 2023–2024 fiscal year.
In the meantime, monthly shipments fell by almost 8% from $1.41 billion in February. The South Asian economy, which lacks foreign exchange and must rely on debt-inducing dollar influx to shore up reserves, depends heavily on textile exports, which account for the majority of its exports.
APTMA declared last month that the 223% rise in gas pricing over the previous year was harmful to Pakistan’s export-oriented textile sector and vehemently opposed it.
According to APTMA, Pakistan’s export-focused textile sector is losing market share in the international arena as a result of the concerning increase in energy tariffs.
In order to keep textile exports competitive in the global market, it was required that the federal government revoke its decision to impose an absurdly high gas tariff.
The export-oriented textile sector, which accounts for the greatest part of all exports at 60%, has suffered greatly as a result of the recent hike in gas tariffs, according to APTMA.
