Exports from Pakistan’s textile sector experienced positive growth in October, reaching $1.43 billion, up from $1.36 billion in the same month of the previous year, marking a year-on-year increase of over 5%. This is the first time textile exports have shown a year-on-year increase in 2023. However, data reveals that textile exports in the first ten months of the year have declined by 16% to $13.34 billion, compared to $15.88 billion in the same period of 2022. In the ongoing fiscal year 2023-24 (July-October), textile exports have decreased by 7% to $5.55 billion, as compared to $5.94 billion in the same period of the previous fiscal year. On a monthly basis, textile exports improved by over 5%, higher than the $1.36 billion recorded in September. The All Pakistan Textile Mills Association (APTMA) has recently requested government authorities to provide competitive electricity tariffs, without cross subsidies, to non-productive sectors. The textile industry has been facing energy issues including high power tariffs and uncertainty regarding gas availability and pricing. Textile exports are crucial for Pakistan’s economy, and the decline in exports is concerning as it adds pressure to the country’s foreign exchange reserves, which are currently being supported by debt-creating dollar inflows.
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