Textile exports experience 12.4% decline in January

Picture source - timesofislamabad.com

Pakistan’s textile sector exports experienced a significant decline of 12.4 percent, coming in at $1.36 billion in January 2023 as compared to $1.55 billion recorded in the same month of the previous year, according to preliminary data released by the All Pakistan Textile Mills Association (APTMA) on Thursday.

It also noted that the country’s textile exports fell from $10.93 billion in 7MFY22 to $10.08 billion in the first seven months of FY23 which was an eight percent decline.

The South Asian economy is already dealing with declining foreign exchange reserves and is concerned about the drop in textile exports. Just 3.7 billion dollars are left in reserves at the central bank barely enough to cover imports for three weeks.