Islamabad April 5 2023: The exports of textile commodities increased by 9.3 percent during the month of March 2023 as compared to the previous month, revealed on Tuesday by APTMA.
However, Textile exports decreased by 21 percent in March 2023 to USD 1.29 billion against exports of USD 1.63 billion in March 2022.
Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with a delegation of All Pakistan Textile Mills Association (APTMA) headed by its Petron-in-Chief Dr. Gohar Ejaz, at Finance Division, on tuesday.
Finance Minister Senator Mohammad Ishaq Dar welcoming the delegation, highlighted the economic and financial outlook of the country and expressed resolve of the government to overcome these challenges and set the economy towards growth.
The delegation briefed the Finance Minister about its contribution in the revenues, employment generation and exports of Pakistan despite the challenges being faced by APTMA members. The delegation further apprised the Finance Minister about the issues being faced by textile industry in terms of gas and electricity supply and their prices, and regarding the imports and exports.
The major issuess being faced by APTMA members included liquidity crunch due to held up sales tax refunds, stuck import of raw materials due to LC opening issues and regionally competitive energy tariff. The APTMA delegation extended their all out support to the government in the economic development of the country and stated that they realize the tough situation being faced by the Finance Ministry.
The Finance Minister acknowledged the contribution of APTMA in economic growth of the country and committed to provide maximum support of the government to the textile industry in order to boost the export-led growth of Pakistan. Moreover, the Finance Minister directed the relevant authorities to address and resolve their issues on priority basis. The delegation APTMA thanked the Finance Minister for providing support and addressing their issues.
For the last six months exports of Pakistan textile sector are below the level of USD 1.5 billion.
During the first nine months of this fiscal year, Textile exports declined 12 percent to USD 12.5 billion when compared with exports of USD 14.2 billion in the same period last year.
Federal Minister for Commerce Syed Naveed Qamar, SAPM on Revenue Mr. Tariq Pasha, Governor SBP, Chairman FBR, Secretary Power, Additional Secretary Commerce and senior officers from relevant ministries attended the meeting.