The exports of Pakistan’s textile industry had a dramatic fall of 22.6%, coming in at $1.26 billion in March 2023 as opposed to $1.63 billion reported in the same month of the previous year, according to the most recent statistics provided by the Pakistan Bureau of Statistics (PBS).
The country’s textile exports fell from $14.24 billion a year earlier to $12.48 billion in the first nine months of FY23, a 12.4% decline.
The South Asian economy, which is struggling with low foreign exchange reserves, is worried about the decline in the region’s main textile exports.
The State Bank of Pakistan’s (SBP) $4.04 billion in foreign exchange reserves is not enough to cover a month’s worth of necessary imports.
When compared to the $1.18 billion exported in February, textile exports increased by 6.6% on a monthly basis.
According to trade figures issued by PBS earlier this month, Pakistan’s exports for July-March (2022-23) were registered at $21.046 billion, down from $23.350 billion during the same period the previous year. This represents a fall of about 10%.
