Dr. Gohar Ejaz, the patron in chief of the All Pakistan Textile Mills Association (APTMA), stated on Saturday that the textile sector expects exports to increase by over 20 percent this fiscal year. He added, cautiously, that this is possible if the government maintains its policy of “Regionally Competitive Energy Tariffs.”
The textile industry posted record export growth in FY22 thanks to expansion and investment plans made possible by the State Bank of Pakistan’s (SBP) Long Term Financing Facility (LTFF) and Temporary Economic Refinance Facility, according to APTMA, a trade organisation that represents Pakistan’s largest industrial sector (TERF).
Gohar was reported in a statement as stating, “In addition, the country’s textile sector aims to import 6 million bales of cotton this year from the US and Brazil.”
The majority of Pakistani exports are in the textile industry. According to the most recent statistics released by the Pakistan Bureau of Statistics (PBS) on Friday, the exports of textile commodities increased to $17.62 billion in the first eleven months of FY22 from exports of $13.74 billion in the same period the year before.