Pakistan’s textile exports slumped by 15 percent to $1.31 billion during July compared to $1.54 billion recorded in the same period last year.
As per the latest exports data shared by All Pakistan Textile Mills Association (APTMA), the country’s textile exports during the calendar year 2023 to date clocked in at $9.09 billion, down 21 percent compared to exports of $11.48 billion reported in January-July 2022.
According to Arif Habib Limited, July saw the 10th consecutive decrease in monthly textile exports.
On a month-on-month basis, textile exports slid 10.9 percent from $1.47 billion reported in June 2023. The textile exports during June 2023 were also the highest monthly exports since September 2022. The country’s textile exports had slumped to below $1.2 billion in February 2023.
Going forward in FY24, textile exports will depend on demand from export markets of the US and Europe. High energy costs and an increase in the minimum wage for FY24 will be key challenges for the sector.
