Massive decline in textile exports in April, both in value and quantity, is alarming and this trend is likely to continue in future unless the industrial crisis is addressed. Textile exporters had been forewarning the government about the fast looming crisis, but no steps have so far been taken to ratify the situation.
In a statement on Friday, Sheikh Ilyas Mahmood, Chairman and Adil Tahir, Vice Chairman Pakistan Textile Exporters Association, said that achieving target to double the exports appears to be a herculean task in the perspective of 14.60 percent drop in textile exports in April over the previous month. Numbers of coming months might be even worse, as the textile industry in Punjab is in grip of severe crisis.
Giving details, they said that country exported textile goods worth USD 1.054 billion in April as against exports of USD 1.235 billion in March showing a hefty decline of 14.60 percent. Textile exports were also down by 6.08 percent on comparison with same month of previous fiscal, they added. Export of value added items also witnessed negative growth as garments down by 13.11 percent, knitwear 5.55 percent, bed wear 13.61 percent towels 18.39 percent and Made ups 20.94 percent.
Slow poisoning of national economy is being precipitated due to the non serious attitude of the government, as exports of the country are heading towards collapse after visible decline, they said. Mentioning the energy crisis, they said summers have started, but still 33 percent gas is available to industries in Punjab.
Similarly, the menace of power load shedding is plaguing the industrial sectors. Textile exporters were pinpointing the root causes of industrial decline with repeated requests for necessary remedial steps, but Government remained mum and no proper strategy was carved out to save textile sector from crisis, they said.
PTEA Chairman Sheikh Ilyas Mahmood was of the view that textile exporters are working under extreme pressure. We have been forewarning the Government about the fast looming crisis, but the government failed to understand the gravity of the situation and no steps have so far been taken to ratify the situation.
The PTEA urged the government to take cognizance of serious matter and step up to save precious forex earning sector from disaster as challenges like energy crisis, high interest rate, liquidity crunch, and financial stress is holding this mainstay of national economy back from growing up to full potential.
