Exports of textiles post meagre rise in March
The country’s textile and clothing exports suffered a slowdown last month, reversing the trend of double-digit growth observed over the previous three consecutive months and indicating a decline in orders from international buyers. The sector’s exports showed a paltry growth of 3.29 per cent to $1.299 billion in March over $1.257bn recorded in the same month last year, according to data released by the Pakistan Bureau of Statistics (PBS) on Thursday. On a month-on-month basis, the sector’s exports dipped 7.67pc. In 9MFY24, however, textile and clothing exports shrank 0.25pc to $12.444bn from $12.476bn in the same period last year. The decline in growth was attributed to rising production costs due to higher energy prices and a liquidity crunch. The textile industry has already warned the government that further decline is likely in case their grievances, including pending refunds, are not processed quickly.