Textiles’ export growth slows in April

Textile and clothing exports experienced slower growth for the second month in April, reversing the previous month’s double-digit increase. Exports inched up 0.37 per cent to $1.24 billion in April, compared to $1.23 billion in the same month last year, according to data released by the Pakistan Bureau of Statistics (PBS) on Thursday. This indicates stagnant orders from international buyers. On a month-on-month basis, the sector’s exports dipped 4.84pc. In 10MFY24, however, textile and clothing exports shrank 0.19pc to $13.68bn from $13.71bn in the same month 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 warned the government that further decline is likely if their grievances, including pending refunds, are not resolved on priority.