ISLAMABAD: Pakistan’s textile exports fell 12% year on year to $1.36 billion in January 2023.
Textile exports were $1.55 billion in January of the prior fiscal year, a year-on-year increase.
According to figures from the Pakistan Bureau of Statistics (PBS), textile exports fell 8% from July to January. Textile exports maintained at $10.8 billion from July through January, compared to $10.93 billion the previous year.
The loss occurred at a period when the federal government expanded its emphasis on exports in order to gain more foreign exchange, but the textile sector’s performance in global markets remained poor.
Meanwhile, the shutdown of 150 textile factories raised the alarm about the textile industry’s grave predicament caused by soaring energy prices.
According to statistics, 150 spinning and weaving textile mills in Pakistan have closed in the previous five months due to an increase in the country’s energy problem, which has resulted in the unemployment of at least 2 million people.