The textile industry of Pakistan continues to remain stagnant despite the Government having depreciated the rupee and reduced the cost of gas and electricity.
It is worth noting that the country’s textile exports grew marginally by little more than 1 per cent to clock US $ 8.9 billion for the July to February period of the current fiscal year.
Substantiating further, the Pakistan Bureau of Statistics (PBS) added that the overall exports of the country touched US $ 15.1 billion for the aforementioned period, just up by 1.9 per cent.
The Government had depreciated the rupee by nearly 25 per cent as the dollar value had gone to Rs. 140. More on that, an official from the Ministry of Commerce said “Impact of rupee depreciation would be visible in next 5 months.”
He quickly added that the country’s exports will pick up the momentum whereas imports will witness a steep slump in the coming months.
The reduction in the price of gas and electricity has also not helped in enhancing the textile exports.
According to PBS, knitwear exports rose by 11.36 per cent during the July to February period (2018-19), while the cotton exports fell by 1.04 per cent.
