Saturday, July 20, 2024

Textile Exports Likely to Fall below $1 Billion Per Month from Jan 2023

The APTMA (All Pakistan Textile Mills Association) recently warned that Pakistan’s export of textile sector could decrease with $1 billion in 1 month from 2023. He further enlightened the issues that sector is facing which is operating less than 50% capacity utilisation right now.

He stated a letter to Prime Minister Shehbaz Sharif on December 23, 2022, its copy is available to Business Recorder, APTMA’s Patron-in-Chief Gohar Ejaz stated “primarily caused by the Ukraine crisis combined with the floods in Pakistan have combined to formulate the perfect storm for our economy”.

“The textile sector is now operating at a capacity utilisation of less than 50% across the country. A very substantial number of jobs have already been lost and many more are to follow if remedial measures are not urgently undertaken”.

APTMA demanded for restoring of zero rating.

Moreover, the All Pakistan Textile Mills Association attributed the decrease to supply chain disruptions, liquidity constraints, energy shortages, and non-functioning of new projects.

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