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Textile exports record 5% rise in October after months of contraction

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11 months ago

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  • Textile shipments increase to $1.43bn in Oct: APTMA.
  • Exports in first 4 months of current fiscal year declined by 7%.
  • Downward trend in exports continued till September.

ISLAMABAD: Textile exports registered a 5% increase for the first time in 10 months, signalling a potential recovery for the industry that has been battered by rising input costs and a global recession, The News reported Friday. 

According to the data from the All Pakistan Textile Mills Association (APTMA), the shipments increased to $1.43 billion in October from a year earlier. This was the first month of positive growth since January.

However, textile exports in the first four months of the current fiscal year, which started in July, declined by 7% to $5.55 billion from the same period last year. The data also shows that during the 10-month period in the calendar year 2023, textile exports fell by 16% to $13.14 billion from $15.88 billion registered in the same period of calendar year 2022.

In January 2023, textile exports tumbled by 15% to $1.32 billion from $1.55 billion in the same month of calendar year 2022. In February, exports fell by 30% to $1.18 billion from $1.67 billion in the same month of 2022. February registered the highest negative growth.

The downward trend in exports continued till September: in March, exports fell by 23%; in April, 29%; in May, 20%; in June, 14%; in July, 11%; in August, 7%; and in September, 11%.

“It is a matter of pride that due to collective efforts, we are observing positive trends related to a significant reduction in our trade deficit,” said Gohar Ejaz, minister for Commerce and Industries, on X, formerly Twitter. 

Ejaz said the country is now witnessing economic stabilisation, as the trade deficit squeezed to $7.42 billion in the first four months of the current fiscal year (FY24) from $11.36 billion in the same period of FY23 because imports during July-October 2023 went down to $17.03 billion from $20.91 billion in the same period of 2022. Likewise, exports during July-October 2023 stayed at $9.61 billion, which were at $9.55 billion in the same period of 2022.

Last month, APTMA asked the government to lower the electricity tariffs for the textile sector to make it competitive with regional countries.

APTMA sought an electricity tariff without cross-subsidy of 10.85 rupees per unit being extended to non-productive sectors. 

The textile industry is currently paying 16 cents per kilowatt-hour (kWh) for power, which is higher than the tariffs in Bangladesh, India and Vietnam.

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Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

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There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

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SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

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Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

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July 2024 export data from Pakistan shows a significant rise.

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The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.

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