The State Bank of Pakistan (SBP) Governor's estimate of a five percent dip in the country's exports has been refuted by the textile exporters of Pakistan who are foreseeing a 20 percent fall in textile exports and a 10 percent fall in the country's overall exports, during the current fiscal.
According to Pakistan Textile Exporters Association (PTEA) Chairman Rana Arif Tauseef, during rest of the current fiscal, the textile industry would witness a loss of US$ 300 million on month-on-month basis in export revenue.
The PTEA Chairman said the SBP Governor's export performance estimate is an understatement as it fails to take a note of the ground realities.
The fact is that Pakistan's textile exports continue to decline from October 2011 onwards. Pakistan's textile exports in October 2011 stood at US$ 1,021 million, showing a decline of 13.51 percent compared to exports of US$ 1,181 million in October 2010, he said.
The decline in textile exports intensified further to 19.14 percent in November 2011 to US$ 819 million, against November 2010's US$ 1,013 million.
Textile exports for December 2011 stood at US$ 944 million, which is a US$ 225 million or 19.24 percent fall compared to December 2010's exports of US$ 1,169 million.
The PTEA head apprehends that the dip may continue and widen to US$ 300 million from January 2012 onwards.
Mr. Tauseef said the continued decline would result in a cumulative average fall of 10 percent and not five percent as envisaged by the SBP Governor.
The month of December witnessed a year-on-year drop of 32.75 percent in bed-wear export volumes, 23 percent in cotton yarn, 26 percent in cotton cloth, 6.75 percent in garments and 38 percent in knitwear export volumes.
Overall textile growth for second half of 2011 remained negative at 4.68 percent, as it dropped to US$ 5.96 billion from previous year's US$ 6.25 billion.
Fibre2fashion News Desk - India