The increase in power tariff and production cost decreased textile exports significantly in the ongoing year, 24NewsHD TV channel reported on Friday.

The All Pakistan Textile Mills Association reported a significant decrease of 21% in textile exports in the first seven months of the ongoing year.

It added that textile export continued to decline for 7 consecutive months. The exports decrease by 15% in July, clocking in at $1.31 billion compared to $1.54 billion recorded in the same month of the previous year, the association said, adding that textile exports in the first seven months of 2023 decreased by 21% to $9.09 billion, declining from $11.48 billion a year earlier.

Reportedly, the country’s exports declined by 12.68% on a month-on-month (MoM) basis in the first month of the current fiscal year 2023-24 and remained at $2.057 billion compared to $2.356 billion in June 2023.

On a year-on-year (YoY) basis, exports witnessed a decline of 8.57% and were recorded at $2.057 billion in July 2023 against the exports of $2.250 billion in July 2022.