Continued Fall In Textile Exports Matter Of Deep Concern, Says ICST
The Islamabad Chamber of Small Traders (ICST) on Sunday expressed deep concern over continued fall in textile exports terming it unacceptable as it is the largest foreign exchange earning sector. It asked the government to take immediate steps to arrest the trend as rival countries are snatching Pakistan’s share in the international market which will have a very negative impact on the economy.
The government should make a plan to provide affordable energy to the Punjab’s value added sector which rely on the supply of LNG, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt. In a statement issued here, he said that Punjab’s textile sector is already buying costly LNG while the value added sector of Sindh gets uninterrupted supply of natural gas throughout the year. He said that Pakistan’s textile exports fell 4.35 percent to $4.082 billion in the first four months of the current fiscal year which is alarming.
Exports continue to fall since last three years while the textile exports stood at $4.082 billion which had fetched $4.268 billion last year in the four months, he added.
Shahid Rasheed Butt said that exports of raw cotton sharply fell 56.81 percent, while cotton yarn exports dropped 17.24 percent. Exports of knitwear which is also a major earning sector has decreased by 1.85 percent to $802.894 million in the period under review, he added.