In this photograph taken on November 16, 2016, Pakistani workers operate a machine at a textile factory in Faisalabad. As Pakistan slowly emerges from a long-term power crisis, its once booming textile sector is scrambling to find its feet -- but high energy costs and a decade lost to competitors mean recovery is far from assured. Energy production was severely depressed for more than 10 years due to chronic under-investment, inefficiencies in the power network and an inability to collect sufficient revenue to cover costs. / AFP PHOTO / KHALIL UR-REHMAN / TO GO WITH AFP STORY: Pakistan-Energy-Industry-Textiles, FOCUS by Caroline Nelly PERROT
Pakistan’s textile exports slumped for the fifth consecutive month on a yearly basis and stood at just $1.2 billion in February 2023, the lowest since May 2021.
The exports in February 2023 were down a whopping 28 percent compared to exports of $1.67 billion registered in the same month of the previous fiscal year.
The exports also dipped by over 9 percent on a month-on-month basis compared to exports of $1.32 billion registered in January 2023.
This took the exports for the first eight months of the current fiscal year (8MFY23) to $11.24 billion compared to exports of $12.60 billion registered in the same period of the previous fiscal year (8MFY22), registering a decline of almost 11 percent.
It is pertinent to mention here that the country’s overall exports also continued their downward trend for the sixth consecutive month in February 2023, the exports during the month declined by 18.67 percent to $2.31 billion compared to the exports of $2.83 billion in February 2022, according to data issued by the Pakistan Bureau of Statistics (PBS).
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