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6.86pc overall decline: Textile exports fall 1.54pc to $4.6b against $4.7b

6.86pc overall decline: Textile exports fall 1.54pc to $4.6b against $4.7b

ISLAMABAD: Crippling energy crisis and uncertain political scenario pushed the country’s textile exports by 1.54 percent during July-October (Four months) of the financial year 2014-15.

The textile exports stood at $4.6 billion during July-October 2014-2015 as against $4.7 billion in the corresponding period last year, showing a decline of 1.54 percent, according to the Pakistan Bureau of Statistics (PBS).

After the grant of GSP Plus status by the EU, the government was anticipating an increase of $1 billion annually in the country’s exports. However, things moved in opposite direction, as exports plunged in last several months mainly due to the ongoing energy shortage. The country’s overall exports have shrunk by 6.86 percent in July-October to $7.98 billion from $8.56 billion of the corresponding period last year.

However, the government seems unable to address the business community problems in short-run, as it could not provide gas to the textile units due to scarcity of gas in the country despite Prime Minister Nawaz Sharif had taken notice in this regard. A high-level committee constituted by premier under the chair of Finance Minister could not make consensus regarding supplying gas to the textile industries. The government believes that domestic consumers would face worsen gas loadshedding if it provided to industries in winter season.  According to the  All Pakistan Textile Mills Association (Aptma), exports would further decline in next three four months due to the unavailability of gas to the textile units.

According to the PBS figures, textile exports had recorded increase of 6.51 percent in October 2014, as it registered at $1.18 billion in last month against $1.11 billion of the corresponding period last year.

The PBS data showed that export of raw cotton registered a negative growth of 8.28 percent, cotton yarn 17.1 percent, cotton cloth 15.64 percent, cotton carded or combed 96.06 percent, yarn 13.36 percent and bed wear 0.72 percent. Meanwhile, following of the commodities recorded positive growth: knitwear 10.89 percent, towels 4.23 per cent, tents, canvas & tarpaulin 159 percent, readymade garments 8.11 percent, art, silk & synthetic textile, 33.42 percent, madeup articles 1.77 percent, other textile materials 13.78 percent during the four months of 2014-2015.