A plethora of problems ranging from an ever-aggravating energy crisis to a plummeting exports market due to tough global competition marked the year for Pakistan’s textiles sector.
Pakistan’s textiles industry went through considerable distress through the year. The reasons for this were manifold: an energy crisis accentuated by inflation thereby leading to a decline in investor confidence; adverse government policies and bad implementation resulting in not-so-favourable business environment; protests by trade bodies; rise in cost of doing business; and a plummeting export market due to tough competition from rival nations.
The textile industry saw a 26 per cent rise in quantitative terms, though this was not reflected in dollar amounts due to a substantial fall in prices worldwide, the All Pakistan Textile Mills Association (APTMA) reported in October. With over 5 per cent profits, firms posted a turnover of $16 billion—$13.3 billion for exports and $2.8 billion for domestic sales. The industry has strong balance sheets and an equity fund of $1 billion earned directly from the international market, the APTMA claimed.
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