Pak Textile Exports Plunge 15% In FY’23

Pakistan’s textile exports plunged 15 percent year on year to US $16.5 billion in fiscal ending June 30, 2023. In fiscal 2021-2022, textile exports stood at $19.32 billion.

“Additionally, textile exports in June 2023 also witnessed a decline to $1.48 billion, down 13 percent as against $1.71 billion in the same month of the earlier year,” statistics released by Pakistan Bureau of Statistics revealed

The government had set a target of $24 billion for fiscal 2023, so in effect; Pakistani textile exports have been only been able to achieve 68.75 percent of the targeted figure.

It may noted here that Pakistani textile exports had surged 55 percent to $19.32 billion in fiscal 2021-22 as against $12.5 billion in the previous fiscal.

Textile exports account for a major portion of Pakistan’s foreign exchange earnings and with foreign exchange reserves declining, decline in textile exports may become a worrying factor.