APTMA, a Pakistan-based trade organisation representing the largest industrial sector of the country, has predicted that the country will see around 20 per cent growth in FY ’23 on Y-o-Y basis.
Pakistan’s textile sector fetched US $ 17.62 billion export revenues in the eleven months of FY ’22 as against US $ 13.74 billion in FY ’21, according to the latest data released by the Pakistan Bureau of Statistics (PBS).
APTMA reveals that the textile industry posted record export growth in FY ’22 with its expansion and investment plans under the State Bank of Pakistan’s (SBP) Long Term Financing Facility (LTFF) and Temporary Economic Refinance Facility (TERF).
“In addition, the country’s textile industry plans to import 6 million bales of cotton this year from the US and Brazil,” mentioned Dr. Gohar Ejaz, Patron in Chief of the All Pakistan Textile Mills Association (APTMA).
Earlier this month, Pakistani textile industry sought the Prime Minister’s help for the restoration of gas to the sector, stressing that a loss of almost US $ 1 billion in exports would take place due to energy suspension and long holidays.
Gohar, in a letter to Prime Minister Shehbaz Sharif, stated that the textile industry had achieved a new record in terms of exports, and the momentum could be lost due to energy-suspension.
“The fantastic growth was enabled by the implementation of RCET, investment of over US $ 5 billion in expansion and establishment of 100 new textile units resulting in enhanced export capacity of US $ 500 million per annum.
