Good news for the textile industry
In August, Pakistan experienced a significant boost in its textile exports, reaching the highest level since September 2022, with a total value of $1.53 billion, as reported by Arif Habib Limited.
According to the most recent export data provided by the All Pakistan Textile Mills Association (APTMA), textile exports for August 2023 amounted to $1.48 billion. This represented a month-on-month surge of 13 percent compared to the $1.31 billion recorded in July 2023.
However, when examining the year-on-year performance, there was a decline of 6.3 percent in textile exports during August 2023 compared to the same period in the previous year when exports stood at $1.58 billion. Throughout the calendar year 2023 so far, Pakistan's textile exports have totaled $10.58 billion. This figure indicates a notable decline of 19 percent when compared to the exports of $13 billion reported for the same period from January to August in 2022.
Looking ahead to the fiscal year 2024 (FY24), the performance of Pakistan's textile exports will be heavily influenced by demand from export markets in the United States and Europe.
The sector is expected to face challenges, including high energy costs and an increase in the minimum wage for FY24. These factors will play a crucial role in shaping the future of textile exports from Pakistan.