Business
Pakistan’s textile exports up by 5% YoY in October
The All Pakistan Textile Mills Association (APTMA) provided the numbers, which show that following a 12-month fall, this is the first annual increase.
Karachi: Pakistan's overall textile exports witnessed a 5% YoY gain to $1.43 billion in October 2023 from $1.36 billion in the same period the previous year, following a 12-month period of decline.
The All Pakistan Textile Mills Association (APTMA) provided the numbers, which show that following a 12-month fall, this is the first annual increase.
Similarly, Pakistan's exports were valued at $1.36 billion in September 2023. Additionally, Pakistan's overall textile export revenue from January to October 2023 was $13.34 billion, a 16 percent decrease from the same period in 2022.
In the meantime, in order to revive the nation's industrial sector, the All Pakistan Textile Mills Association has urged the government to reduce the power tariff.
APTMA Chairman Asif Inam told reporters that the meeting with interim trade and energy ministers was "positive" and expressed optimism that a resolution on the electricity tariff will be reached.
According to Asif Inam, the association has demanded a reduction in the power tariff of Rs10.85, citing the need for competitive energy costs in order to boost domestic exports.
"The textile industry was unable to increase export at the current electricity prices," he stated, highlighting the fact that exports of textiles were declining at a "alarming rate."