In July 2023, textile exports reached $1.31 billion, but the sector has faced significant challenges as the new fiscal year begins. Recent data from the Department of Statistics reveals a 10% month-over-month decline and a 3% year-over-year decrease in textile exports.
Exports for the textile group totaled $1.27 billion in July 2024, down from $1.41 billion in June 2024. This decline underscores the difficulties the industry is encountering, primarily due to rising electricity costs and other unfavorable conditions. The textile sector, vital to the country’s economy, is feeling the strain, as evidenced by its performance compared to the previous year.
These issues have raised concerns about the long-term implications for the textile industry and its contribution to the national economy.
