Textile exports dip 16pc in December:
Textile exports dip 16pc in December
According to data released on Thursday by the Pakistan Bureau of Statistics (PBS), textile and apparel exports fell 16.47% in December to $1.35 billion from $1.62 billion the previous year.
Total export revenues fell for the fourth month in a row.
The drop suggests that the government will struggle to meet its export targets for the current fiscal year, putting additional strain on the country’s foreign exchange reserves.
Despite the rupee’s massive depreciation, the decline in textile and clothing exports has accelerated over the last four months due to a variety of factors such as high energy costs, delayed refunds, and a drop in global demand.
Exporters believe that fluctuating exchange rates played a significant role in the decline of exports.
The government’s decision to eliminate duty exemptions on local taxes and levies has also hampered the export sector’s ability to maintain liquidity.
The commerce ministry made no official statements outlining the reasons for the drop in export earnings.
Minister of Commerce Naveed Qamar has travelled extensively since taking over the ministry.
According to PBS data, ready-to-wear exports decreased by 7.92% in value but increased by 50.5% in quantity in December, while knitwear decreased by 19.54% in value but increased by 24% in quantity, and bedwear decreased by 17.77% in value but increased by 22.74% in quantity.
Towel exports fell 14.05 percent in value and 13.09 percent in volume, while cotton cloth exports fell 13.97 percent in value and 19.42 percent in volume.
Cotton yarn exports fell by 60.71 percent among primary commodities, while other types of yarn fell by 19.09 percent.
The export of manufactured goods, excluding towels, fell by 49.92%, while tents, canvas, and tarpaulin fell by 26.04%.
Pavan Manzoor is an experienced content writer , editor and social media handler along with a track record of youth-oriented activities in Pakistan and abroad. She was selected as a fully-funded delegate as a leadership fellow in Turkey. She also led a team of 5 volunteers at the week-long Young Professionals Fellowship in Maldives. She is also a member of the Youth Standing Committee on Higher Education.
