Pakistan’s textile exports witnessed a decline of 12% in January 2023

According to data released on Thursday, Pakistan’s textile exports fell 12% from the previous year to $1.36 billion in January 2023.

In January of the previous fiscal year, textile exports were at $1.55 billion on an annual basis.

Data from the Pakistan Bureau of Statistics (PBS) show that the textile industry’s exports decreased by 8% between July and January. comparing the $10.8 billion in textile exports from July to January to the $10.93 billion in the same period last year.

The decline occurred at a time when the federal government expanded its focus on exports to earn more foreign exchange, but the performance of the textile sector in international markets remained unimpressive.

Meanwhile, the closure of 150 textile mills raised the alarm regarding the severe crisis in the textile sector due to skyrocketing energy prices.