spot_img
spot_img
Bruckner Textile Machinery
Ready To Show textile and Fashion Expo
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
spot_img
spot_img

Related News

The Belgian Textile Industry in 2023: Stability Amid Challenges

Turnover Holds Steady Despite Declines in Volume In 2023, the...

Turkish Furniture, Paper, and Forestry Products Industry Expands Its Export Reach to Africa

In a strategic push to broaden export markets, the...

Exploring the Future of Textile Machinery: Insights from Alex Zucchi at ITMA Asia + CITME 2024

Today, we had the privilege of interviewing Mr. Alex...

Rieter Investor Update 2024

• Order intake of CHF 226.4 million in the...

Voltalia and TAQA Arabia Partner to Boost Egypt’s Green Energy and Hydrogen Production

Voltalia (Euronext Paris), a global leader in renewable energy,...

Egypt Aims to Triple Foreign Direct Investment to $30 Billion

In a bold move, Egypt's newly formed cabinet has...

20% Wage Increase for Tunisian Textile Workers Agreed for 2024-2026

In a significant development for the Tunisian textile industry,...
×