Pakistan textile exports recorded a 2.37% decline in July over the same month of the previous fiscal year and a month-on-month drop of 7.89% in July alone. Power crisis was the major reason for the decline in exports as 50% of the industryâ€™s production capacity took a hit due to the lack of energy supply.
Textile exports has witnessed and it is likely that the export numbers in the coming months might get even uglier as the textile industry in Punjab has remained deprived of fuel, as per Sheikh Ilyas Mahmood, the PTEA chairman
According to the Pakistan Textile Exporters Association (PTEA) one of the biggest hurdle in the way of economic progress is the festering energy crisis.
The government, despite its promises, has remained unable to fight the crisis, the association criticised.
Policymakers do not seem serious in resolving the gas supply issue of the industry. Instead, the available gas is being supplied to unproductive sectors, causing a loss of foreign exchange. Situation is becoming unbearable for the industry as constant inefficiency is plaguing the viability of production units.
The GSP Plus facility has not been able to generate desired results and efforts have frittered away as they are unable to produce export surplus due to massive energy constraints.
The chairman criticised the policies, which have failed to encourage investment in the textile sector during the last five years while competitors made huge investments due to the positive and business friendly environment provided by their governments.
The PTEA through its various forums has brought up issues faced by textile industry but the authorities do not understand the gravity of the situation and have not taken any steps to pacify the situation.
The non-availability of energy, high interest rate and stuck up liquidity on drawbacks and refunds have played a major role in pulling down the growth and exports of the countryâ€™s textile industry.
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