According to All Pakistan Textile Mills Association (APTMA) recently stated that Pakistan Textile exports observed a provisional $1.54 billion, which means that the exports got declined by 10% in July 2022 comparing to $1.71 billion were recorded in June 2022.
Whereas, textile exports increase 5% compared to $1.47 billion witnessed in July 2021, as per the provisional data shared by APTMA. In addition, as per July 2022, the total exports reached at 66%.
The major decrease in exports could be because of lack of energy supplies, which decreased the growth from double to single digit, stated by APTMA.
Furthermore, if the reliable and affordable supplies aren’t available at time this could results in negative growth in ensuring months, confirmed by APTMA.
After APTMA forced authorities to restore gas and RLNG supply for export oriented industries on priority basis, whereas the loss would be faced almost $1 billion resulting further damage to the economy. It is notable that imports fall with 37.7pc MoM in July.
Textile industry is playing a vital role for cash-strapped economy. Pakistan Textile sector shares a major part in country’s export.
Furthermore, Pakistan is running low with foreign exchange. In such environment, many experts have stressed in exports, especially in Pakistani currency decreasing environment.
Recently, warning has also been issued through statement in APTMA that Pakistan is on the edge of economic collapse.
Pakistan is on a similar path where downfall is as similar to Sri Lanka with a depleting foreign currency reserves, rising inflation, the exchange rate in free-fall and irrationally high-interest rates, as per APTMA
