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Currency appreciation affects Pakistan's textile sector
17
Apr '14
The appreciation of Pakistani rupee against the US dollar has adversely affected export-oriented sectors, including textiles, and the Finance Ministry should look into resolving these issues, said Trade Development Authority of Pakistan (TDAP) chairman SM Muneer during a recent meeting with All Pakistan Textile Mills Association (APTMA) members.

The Pakistani rupee value on March 16, 2014 was Pk Rs 99.20 for one US dollar, which was quoted on April 16, 2014 at Pk Rs 96.39 for one US dollar.

Speaking at the APTMA meeting, Mr. Muneer said that issues such as stuck up refunds, power and gas shortages faced by the exported-oriented industries, including textiles, if not resolved, would not increase the country’s exports.

During the meeting, APTMA chairman Yasin Siddik urged the Government to provide 10 percent rebate to textile exporters in order to protect themselves from inventory losses they incurred due to the fast appreciation of Pakistani rupee against the US dollar.

According to the APTMA chairman, the Pakistani textile industry has already incurred losses worth US$ 300 million in exchange rates and huge cotton inventories, and since the rupee is still appreciating against the US dollar, textile exporters remain more vulnerable to further losses if they make any new deals.

The sudden surge of around 12 to 15 percent in rupee value against the dollar has disturbed the business cycle of textile exporters who get export payments after a lag of 90 to 120 days, he added.

The APTMA official also informed that owing to the heavy losses, several textile industry units have shutdown in the country. Of the total 400 spinning mills in Pakistan, 65 to 70 units have closed down in last 15 days due to severe financial crisis and rapid appreciation in the rupee value, he added.

Fibre2fashion News Desk - India


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