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Pakistan’s Textile Exports Rise 3.2% YoY in March 2024, but Face Decline MoM Amid Energy Tariff Concerns

Pakistan witnessed a notable uptick in its textile exports, marking a 3.2 percent increase compared to the same period last year. According to data released by the All Pakistan Textile Manufacturers Association (APTMA) on Tuesday, textile exports surged to $1.3 billion, up from $1.26 billion in March 2023.

Pakistan's Textile Exports Rise 3.2% YoY in March 2024, but Face Decline MoM Amid Energy Tariff Concerns

However, the month-on-month comparison revealed a contrasting trend, with textile exports experiencing a 7.8 percent decline from the $1.41 billion recorded in February 2024. This downturn marks the lowest level of exports since April 2023, as reported by Arif Habib Limited.

The broader context of Pakistan’s export performance in the fiscal year 2023-24 (FY24) also paints a nuanced picture. Overall exports during July-March FY24 totaled $12.44 billion, exhibiting a marginal decrease of 0.3 percent year-on-year (YoY) compared to the corresponding period of the previous fiscal year.

Concerns have been raised by APTMA regarding the challenges faced by the local textile export industry in maintaining its competitive edge globally. A significant contributing factor to this decline, as highlighted by the association, is the sharp increase in energy tariffs. The recent surge in gas tariffs, in particular, has had detrimental effects on the textile sector, making it increasingly difficult for Pakistani exports to compete on the international stage.

The current scenario underscores the need for strategic interventions to address the challenges faced by Pakistan’s textile industry, including measures to mitigate the impact of rising energy costs and enhance competitiveness in global markets.

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As stakeholders continue to navigate these challenges, policymakers and industry leaders are called upon to collaborate on sustainable solutions that safeguard the vitality of Pakistan’s textile sector while fostering its growth and resilience in an evolving global landscape.

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