Increase in power tariff, production cost decrease textile export

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.