Exports of textiles dip 22.61pc in March

Textiles and clothing exports fell 12.42 per cent year-on-year to $12.47 billion in the first nine months of the current fiscal year, data released by the Pakistan Bureau of Statistics (PBS) showed on Tuesday. The exports recorded a steep decline of 22.61pc to $1.26bn in March from $1.62bn in the corresponding month of last year. However, on a month-on-month basis, textile exports rose 6.6pc. The overall exports also fell for the seventh straight month by 9.85pc to $21.05bn in July-March against $23.35bn in the corresponding months of last year. This consistent decline reflects massive layoffs in the export sector. The government would find it difficult to achieve the export target which would increase pressure on the dwindling foreign exchange reserves of the country.