Textile exports drop to $13.7bn

In a significant economic setback, Pakistan’s textile and clothing industry experienced a substantial decline of 14.22 per cent year-on-year to $13.7 billion during the first 10 months of the current fiscal year. This downturn can primarily be attributed to a notable reduction in production, which was largely driven by the surging cost of production, data released by the Pakistan Bureau of Statistics (PBS) showed on Monday. The export figures for April paint a bleak picture, as they witnessed a sharp and alarming decline of 29.11pc, plunging from $1.73bn in the corresponding month of the previous year to a mere $1.23bn. This significant drop raises concerns about the current state of the country’s export sector and its potential repercussions on the overall economy. The government is facing an uphill battle in meeting its export target, which could further exacerbate the strain on the country’s depleting foreign exchange reserves. The textile and clothing sector, a key contributor to exports, is grappling with a multitude of challenges.