In September 2023, Pakistan’s exports of textile experienced a significant decline of 12% on a year-on-year (YoY) basis, amounting to $1.35 billion compared to the $1.53 billion reported in the same month of the previous fiscal year. According to data released by the All Pakistan Textile Mills Association (APTMA), there was also an 8% month-on-month (MoM) decrease compared to the $1.46 billion in exports registered in August 2023.
Textile Export from Pakistan Drop by 12% to $1.35 Billion in September
This downward trend in exports extends to the first quarter of the current fiscal year (1QFY24), where exports of textile fell by 10% to $4.12 billion when compared to the $4.59 billion recorded in 1QFY23.
However, in contrast to textile export, data from the Pakistan Board of Statistics (PBS) indicates that the country’s overall exports during September 2023 increased by 4% on a MoM basis, reaching $2.465 billion, and saw a 1% YoY growth.
It’s worth noting that Caretaker Federal Minister for Commerce Gohar Ejaz has set an ambitious target of $25 billion for exports of Textile in the current fiscal year, aiming to surpass the $16.50 billion recorded in FY23.
Looking ahead, the future of Pakistan’s textile exports is poised for a potential rebound. While recent data indicates a temporary decline, various factors such as global demand for textiles and the implementation of strategic trade policies can significantly impact the trajectory of this vital sector.
To meet the ambitious target set by the Federal Minister for Commerce, Pakistan’s textile industry will need to explore new markets, invest in technology and innovation, and enhance the quality of its products. Moreover, the industry can benefit from sustainable practices to align with the growing global preference for eco-friendly textiles.
Given the resilience and adaptability of Pakistan’s textile sector, there is potential for a resurgence in exports. However, the road ahead may require concerted efforts, diversification, and a keen focus on emerging trends in the international textile market.