Pakistanâ€™s textile exports, which is the largest foreign exchange earning sector of the country has plunged to $982.6 million in July as compared to $1.02 billion in July last year, concern is raised over the fall in textile exports as it is the largest employment providing sector outside agriculture by Islamabad Women Chamber of Commerce and Industry (IWCCI).
It called for immediate attention as the fall of textile sector will damage overall economy and hit forex reserves.
Standing Committee on Trade and Industry Chairperson Tabassum Anwar said that textile exports continue to slide despite GSP plus facility, Export Policy, which claimed to boost exports to $35 billion dollars by 2018 and Textile Policy 2015.
Many textile units have scaled down their capacity and millers are forced to get costly loans from banks to keep their business running and honour commitments due to refunds stuck up since years.
Delayed refunds has resulted in increased cost of doing business and unmet obligations damaging countryâ€™s reputation as the issue continue to erode countryâ€™s competitive edge.
Tabassum Anwar said that Export Policy envisioning exports of 35 billion dollars has become a joke as it has damaged exports rather than promoting it.
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