Pakistani textile exports were registered at a tentative $1.54 billion, according to the All Pakistan Textile Mills Association (APTMA), which means that they decreased by 10% in July 2022 compared to the $1.71 billion that was recorded in June 2022.
In contrast, according to preliminary data provided by APTMA, textile exports increased by 5% from the $1.47 billion recorded in July 2021. Additionally, as of July 2022, 66 percent of all exports were made.
According to APTMA, the absence of energy supplies may be to blame for the significant decline in exports, which reduced growth from double to single digit.
Furthermore, according to APTMA, if trustworthy and economical supplies aren’t available when needed, this could have a detrimental impact on growth in the following months.
While the loss would have been close to $1 billion, the APTMA pressured authorities to restore gas and RLNG supply for export-oriented companies on a priority basis, severely harming the economy. Notably, imports decreased by 37.7pc MoM in July.
For the economy that is struggling with money, the textile industry is crucial. Pakistan’s exports largely come from the textile industry.
Pakistan also has a limited supply of foreign currency. Many experts have emphasised exports in such an environment, particularly given the depreciating value of the Pakistani rupee.
APTMA recently published a statement in which it warned that Pakistan’s economy was about to collapse.
Pakistan is on a similar path where downfall is as similar to Sri Lanka with a depleting foreign currency reserves, rising inflation, the exchange rate in free-fall and irrationally high-interest rates, as per APTMA