UBG expresses concern over significant drop in textile export
Karachi, November 24, 2022 (PPI-OT):The leaders of United Business Group (UBG) SM Munir, Zubair Tufail, Khalid Tawab, Hanif Gohar, Mazhar Ali Nasir, Gulzar Firoz and other Members of UBG have expressed their serious concern over the significant drop in Pakistan textile export. The fall has been even steeper with the dollar value of the textile shipments from the country. Other reasons are historical high inflation, high interest rates, soaring energy prices, load shedding of power and gas in industrial areas, they added.
Moreover, global slowdown in textile and clothing demand in Europe, UK and US amid elevated prices inflation, growing energy expenditure, surging credit cost and so on in the west where buyers are delaying payments because of global downturn and reduction in sales due to which exporters are stuck in liquidity crisis. The situation expected to remain same in the coming months, UBG said.
UBG further said that the report of Pakistan Bureau of Statistics has also revealed that the Pakistan exports of textile and clothing posted a negative growth. Among the value-added items bed-wear, Knitwear and cotton yarn have witnessed the largest decline of 19 pc, 10 pc, and 35 pc respectively, UBG added. The main reason is high energy cost for the slowdown in textile exports besides the non-disbursement of refund payments. Refund payments orders for Sept and October period are still unpaid and if the situation continues the textile export may dip further, UBG feared.
For more information, contact:
United Business Group (UBG)
Room No: 203, Second Floor,
Aiwan-e-Sanat Plot No.ST-4/2, Sector 23,
Korangi Industrial Area, Karachi, Pakistan
Tel: +92-21 35062200