By Staff Reporter
ISLAMABAD: Pakistan’s textile exports plunged 15 percent to $16.51 billion in the fiscal year 2022/23, missing a target of $24 billion, as high energy costs and import restrictions hurt the industry, official data showed on Monday.
The Pakistan Bureau of Statistics (PBS) said textile exports, which account for more than half of the country’s total exports, fell from $19.32 billion in the fiscal 2021/22.
In June, textile exports dropped 13 percent to $1.48 billion from $1.71 billion a year earlier.
The All Pakistan Textile Mills Association (APTMA) said the decline was mainly due to the withdrawal of regionally competitive energy tariffs (RCET) that had boosted exports by 55 percent in the fiscal year 2021-22.
“The RCET regime gave us a level playing field with our competitors in the region and attracted $5 billion in new investments. But the government reversed its policy and imposed import restrictions on cotton and other raw materials, which led to the closure of 400 textile units and a loss of export potential,” an APTMA spokesman said.
Textile exports had shown positive growth in the first three months of the fiscal year 2022-23, but started to fall from October onwards as energy prices rose and supply chains were disrupted.
According to PBS data, textile exports declined by 15 percent in October, 18.4 percent in November, 16.1 percent in December and 15 percent in January. They fell by 30 percent in February, 23 percent in March, 29 percent in April and 20 percent in May.
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