In October, Pakistan's Textile Exports Increased by 5% Year on Year to Reach $1.43 Billion
October exports from Pakistan's textile industry increased year over year to $1.43 billion from $1.36 billion in the same month last year, according to provisional data released by the All Pakistan Textile Mills Association (APTMA) on Thursday. This represents a rise of more than 5%.
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APTMA says exports also increased over 5% on monthly basis
For the first time in 2023, textile exports have increased year over year as of this month.
According to data, the nation's textile exports dropped from $15.88 billion in the same time of 2022 to $13.34 billion in the first 10 months of 2023, a 16% fall.
The textile exports for the current fiscal year 2023–24 (July–October) decreased by 7% to $5.55 billion in 4MFY24 from $5.94 billion in 4MFY23.
In the meantime, textile exports increased by more than 5% on a monthly basis from $1.36 billion in September.
During their meeting with government officials last month, APTMA requested that power tariffs be competitive with those of neighboring countries and that non-productive sectors not get cross-subsidies of Rs. 10.85 per unit.
The textile sector's energy problems were brought to the government's attention, particularly the high power prices of 16 cents per kWh that the business is presently paying and the unpredictability of gas and RLNG pricing and availability.
Since textiles account for the majority of Pakistan's exports, they are extremely important. The South Asian economy, which lacks foreign exchange and must rely on debt-inducing dollar influx to shore up reserves, is concerned about the year-over-year fall.
Despite increases in foreign exchange reserves, which are now $7.5 billion thanks to contributions from the International Monetary Fund (IMF) and bilateral allies like Saudi Arabia and the United Arab Emirates, the State Bank of Pakistan's reserves are nevertheless under strain due to the payment of external debt.
