Pakistan import of textile machinery grows by $200.714 million which is greater by 58 percent to $548.997 million in July-May 2013-14 as compared to the machinery import of $348.283 million in the same period last fiscal year.
The Pakistan textile industry imported new machinery to replace the dilapidated machinery to boost up production and not for business start ups. The manufactures have scrapped the existing overused machinery with new one.
Manufacturers replace every three their old machinery with new imported one to augment their output. The machinery import is not for new setups in the country as the entire industry is struggling for want of power and gas supplies that caused many to disinvest, exporters said.
The industry mainstay units are resisting closures for lack of utilities and growing disorder in the country, forcing the manufactures to retrench a big number of workers. Unemployment is growing in the country for declining industrial production.
With the existing industrial units are not properly receiving gas and power supplies, setting up of new businesses are unviable for investors. Textile machinery import in May went up by $15.657 million (38 percent) to $57.244 million as compared to the machinery import of $41.587 million in May 2013, according to Pakistan Bureau of Statistics (PBS).
Pakistan exporters appealed to the Federal Commerce Minister and head of Trade Development Authority of Pakistan to announce an emergency rescue plan to help recuperate the national economy as the textile industry contributes approximately 46percent to the total output or 8.5 percent of the country GDP. And it also provides employment to 38percent of the work force in the country.
The country's textile manufacturing-cum-exporting sector is in deep recession and requires immediately support from the government.
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