Since a large capacity to produce export products is either partially or fully shut, due to various factors like high energy cost and high cost of business, the Pakistan Textile Exporters Association (PTEA) has urged the government to announce the promised textile package. PTEA is of the opinion that the package will help arrest the widening trade deficit.
According to Pakistan media reports, PTEA chairman Ajmal Farooq said that the country's exports fell 3.93 per cent year over year to $8.18 billion during the July to November period of 2016.Since a large capacity to produce export products is either partially or fully shut, due to various factors like high energy cost and high cost of business, the Pakistan Textile Exporters Association (PTEA) has urged the government to announce the promised textile package. PTEA is of the opinion that the package will help arrest the widening trade deficit.#
“Imports rose 8.7 per cent to nearly $20 billion in the same period and so in absolute terms, imports were higher by $1.6 billion as against the similar period of the prior year,” Farooq added.
High cost of production and reduced competitiveness were termed as the major challenges in generating export growth by PTEA.
“So, if the textile package is not announced immediately, the situation may worsen in the coming months and have a direct impact on the Pakistani economy which is already under pressure,” the chairman observed. (AR)
Fibre2Fashion News Desk – India
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