High cost of doing business has started hitting textile industry of Pakistan severely as further closure of operations of the textile mills have been reported to the association, said Tariq Saud, Chairman of All Pakistan Textile Mills Association (APTMA).
In November 2015, exports of cotton yarn and cotton fabric declined by 45% and 22%, respectively against the corresponding period in quantitative terms, which is an overall decline by 15% in value.
There is a nominal increase in clothing exports, which constitute $4 billion in total exports of industry as against $8 billion of textiles, he added.
He further said both the spinning and weaving sectors, backbone of the textile value chain, had faced the brunt of high cost of doing business which has made them unviable throughout the country.
About 110 textile mills have shut down their operations due to the high cost of doing business, particularly the cost of electricity and gas.
He said the Punjab-based textile industry was under severe threat of closure because of non-availability of gas.
APTMA requested the government to immediately announce the remaining part of the textile package, which includes DLTL to the entire textile value chain, extension of export refinance to spinning and weaving sub-sectors, introduction of safeguards through tariff, non-tariff measures against the inroads of synthetic yarns and fabrics in domestic market, and availability of incentives in the export market by matching the regional support package.
He opined that the current state of situation is going out of control, which is evident from the free fall of exports over the last three months.
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