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Exports from textile sector slip to near double digit mark
25
Jun '09
According to data released by the Federal Bureau of Statistics, exports from the textiles and clothing sector have dipped by 9.5 percent in the first 11 months of the current fiscal (July-June) due to a slowdown in global markets and a deepening energy crisis.

Exports from the sector fell from US $9.645 billion in the same period of the previous fiscal to $8.724 billion, in the period under consideration and also short by a long way from the target set for the sector of $11 billion for the current fiscal.

Industry experts attribute the fall in exports mainly to severe energy shortages, sharp depreciation in rupee versus US dollar and most importantly, weak external and domestic demand due to the global recessionary trends.

There were only a few textile products which were able to record positive export growth among which stood raw cotton with an increase of 27.74 percent, cotton (corded) 17.71 percent and towels 2.87 percent during the first 11 months of the current fiscal year.

Products which registered notable negative growth rates were cotton yarn by 15.95 percent, bedwear by 10.59 percent, ready made garments by 22.07 percent, synthetic textiles 23.71 percent and other textile articles were down by 17.41 percent.

The only saving grace has been that the overall trade deficit has fallen to $15.22 billion in the period under consideration from $18.8 billion in the same period of the previous fiscal, with exports touching $16.26 billion and imports $31.48 billion.

The textile industry is the backbone of the Pakistani economy since the last 50 years as exports from the sector account for nearly 50 percent of the overall basket of exports from the country, but in recent years has been hit hard due to a lot of reasons.

Fibre2fashion News Desk - India

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