Pakistan’s textile sector showed a remarkable recovery in February, as its exports increased by nearly 20% year-on-year, reaching $1.41 billion, according to the provisional data released by the All Pakistan Textile Mills Association (APTMA).
This is the third consecutive month of positive growth for the sector, which is vital for the country’s economy and foreign exchange reserves.
However, the textile exports in the first eight months of the fiscal year 2023-2024 were still down by 1% or $0.07 billion, compared to the same period of the previous year.Â
The textile group saw a monthly decline of over 3% in February, as compared to $1.46 billion in January 2024. This was attributed to the high energy prices and cross-subsidies to nonproductive sectors, which have eroded the competitiveness of the textile and apparel industry.
APTMA, which represents the largest industrial sector of Pakistan, has urged the authorities to end the cross-subsidies and provide affordable and reliable energy to the textile sector, warning that over 50% of the firms could shut down in the coming weeks.
