Pakistan’s economy is in a turmoil for the last few months and almost every sector seems to be a victim of it. The recent data released by the Pakistan Bureau of Statistics (PBS) has revealed that in December, the textile exports fell 16.47% compared to the same month last year. The exports stood at $1.35 billion in December 2022 while it was $1.62 billion in the last year.
Pakistan’s exports have been down for the last four months hinting that the government may find it difficult to achieve their fiscal targets.
It is said that there are several reasons responsible for the dip in clothing and textile including circular debts, increased energy costs, and the rupee depreciation. However, according to exporters, instability of exchange rate is the biggest contributor behind this fall.
The readymade garments showed 7.92% negative growth but increased by 50.5% in quantity in December. Similarly, knitwear fell to 19.54% but increased 24% in quantity. Towel exports also fell by 14.05% in value and cotton cloth was dropped to 13.97% in the same duration.
The commerce ministry has not yet issued any official statement explaining the reasons for the dip.
