Pakistan’s textile exports slumped by 12 percent on a year-on-year (YoY) basis in September 2023 and stood at $1.35 billion compared to $1.53 billion reported in the same month of the previous fiscal year.
According to data issued by All Pakistan Textile Mills Association (APTMA), the exports also slumped 8 percent on a month-on-month basis compared to exports of $1.46 billion registered in August 2023.
The exports during the first quarter of the current fiscal year (1QFY24) follow the same trend, going down by 10 percent to $4.12 billion compared to exports of $4.59 billion registered in 1QFY23.
According to data issued by the Pakistan Board of Statistics (PBS), the country’s overall exports during September 2023 rose both on a MoM and YoY basis.
The exports during September 2023 came in at $2.465 billion, up 4 percent on a MoM basis and 1 percent on a YoY basis.
It is pertinent to mention here that Caretaker Federal Minister for Commerce Gohar Ejaz has set an ambitious target of $25 billion for textile exports in the current fiscal year. In FY23, the country recorded textile exports of $16.50 billion.