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LAHORE: Pakistan’s textile sector exports have witnessed a significant decline of 29% in April 2023, as compared to the same month of the previous year, according to data provided by the All Pakistan Textile Mills Association (APTMA), raising concern for the country’s economy, as the sector accounts for a significant portion of its exports.
The country’s textile exports in the first ten months of FY23 have decreased by 14%, from $15.97 billion a year earlier to $13.71 billion. The decline in textile exports, which is a crucial industrial sector for Pakistan, has raised concerns for the South Asian economy, which is already grappling with low foreign exchange reserves.
Earlier, it may be recalled here, the APTMA had warned that the country’s textile exports could fall by $3 billion this year as compared to last year, and urged authorities to take immediate action. APTMA Patron in Chief Gohar Ejaz had written a letter to Prime Minister Shahbaz Sharif warning that the decline in textile exports has been progressively accelerating.
According to him, “Given the trajectory of decline, Pakistan is likely to fall short by $3 billion in textile exports from the exports achieved last year of $19.4 billion without taking into account any increase from newly installed capacity.”