spot_img
spot_img
spot_img
spot_img
spot_img

Pakistan’s Textile Exports Fall 6% Year-on-Year in August, Clock in at $1.48bn: APTMA

Pakistan’s textile sector experienced a decline in exports, with August figures at $1.48 billion compared to $1.58 billion from the previous year, marking a 6% year-on-year decrease. Over the first eight months of 2023, textile exports fell by 19% to $10.58 billion, down from $13 billion in the same period in 2022.

This decline is a concern for Pakistan’s economy, leading to a depreciation of the rupee due to a shortage of foreign exchange.

However, there was a 13% monthly improvement in textile exports in August compared to July, when exports were at $1.31 billion. While the State Bank of Pakistan’s forex reserves have improved to $7.8 billion, external debt servicing continues to exert pressure on reserves despite inflows from international sources like the IMF, Saudi Arabia, and the UAE.

Caretaker Federal Minister for Commerce and Industries and Production, Dr. Gohar Ejaz, has set an ambitious target of $25 billion in textile exports for the current fiscal year, aiming to surpass the previous year’s target of $16 billion. He has also pledged a swift revival of shuttered industries within the country, addressing challenges faced by the textile sector.

exports

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img

Related News

Shrinkage in EC and Decrease in Turkish Export

The contraction in European economies also caused damage to...

Global Carpet Yarn Market Resilience Amidst Pandemic

Despite the ongoing challenges posed by the COVID-19 pandemic,...

Coats Digital Shortlisted for Five Accolades at the UK’s National Technology Awards 2024

Coats Digital’s unique, time-cost benchmarking solution, GSDCost, has been...

Iran’s Agrofood Exports to EAEU Surge, Led by Russia

Rouhollah Latifi, a senior official with the Central Organization...

Uzbekistan Aims to Enhance Tech Cooperation with Iran, Eyes $1 Billion Investment in 2024: Ambassador

Uzbekistan's ambassador to Iran revealed on Thursday plans to...
×