Exports of the nation’s textile group fell to $1.36 billion in January from $1.55 billion in the same month last year.
According to data on textile exports issued by the All Pakistan Textile Mills Association (APTMA), the nation’s textile group exports experienced a year-over-year (YoY) decline of 12% in January 2023 and amounted to $1.36 billion versus $1.55 billion in the corresponding month of last year.
The textile group continued its negative growth month-over-month (MoM) as the December 2022 exports were also 1.36 billion, but the rate of decline has decreased by 4 % over that time.
The first seven months of the current fiscal year (FY) 2022–23 saw a decline in textile exports of 8% YoY, falling to $10.08 billion from $10.93 billion in the same period the previous year.
Exports fell by 16% in December 2022 from $1.62 billion in December of FY22 to $1.36 billion, compared to $1.42 billion in November 2022.
After textile owners threatened a strike early this month over the refusal of imported cotton containers to be cleared at Karachi Port, it is anticipated that this year’s textile exports will experience a prolonged period of decline.
The worst-case scenario is that due to a shortage of raw materials, primarily raw cotton, the industry will probably fall short of its $25 billion export goal for this year. This year, the textile trade will be restricted to between $16 and $17 billion.
