Textile exports dip again despite yearly growth

After experiencing slight increases in export figures for two consecutive months, Pakistan’s textile exports have once again entered negative territory on a month-on-month basis. According to the latest figures released by the Pakistan Bureau of Statistics on Monday, textile group exports for February 2024 declined by 3.31% compared to January 2024, with February figures totalling $1.41 billion against January’s $1.46 billion. On a yearly basis, textile product exports managed to remain in positive territory, showing an increase of 19.20%. Export figures for February 2023 were recorded at $1.18 billion. The textile sector is a cornerstone of Pakistan’s economy, with stakeholders claiming it contributes around 60% overall. However, despite this significant role, it is not performing as expected, and the situation is deteriorating. After nearly a year of negative export figures, the sector entered positive territory in December 2023. However, it only remained positive for two consecutive months before returning to negative territory.