Pakistan textile exports plummet by $26 million amid energy costs surge
KARACHI: The textile export sector in Pakistan faced a dire setback as expensive energy costs contribute to a continuous decline, resulting in a substantial $26 million decrease in exports over the last 10 months of the financial year.
As reported by the Pakistan Hosiery Manufacturer and Exporter Association, exports of key textile items such as shirts, jeans, t-shirts, and sweaters saw a collective decrease of 15 crores. Additionally, ready-made garment exports experienced a decline of 2 crores, exacerbating challenges for industrialists in Faisalabad.
Further exacerbating the situation, exports of tents and tarpaulins remained stagnant at less than $2 million, while cloth exports plummeted by over one million dollars. Traders attribute this downturn to exorbitant interest rates, surging energy costs, and delays in receiving refunds, including DLTL.
Despite changes in government leadership, concerns persist as traders await overdue refunds. With no resolution in sight, exporters fear further declines in the days ahead, underscoring the urgent need for intervention to stabilize the textile export industry.
