Karachi September 17 2022: Three smaller textile units shut down their production units citing unforeseen decrease in volume of sales and unavailability of conversion of raw material into finish goods as a reason, according to filing to the exchange.
SHAMS Textile Mills Limited, J.A Textile Mills Limited and Asim Textile Mills Limited shut down their establishments due to slow down in demand.
Floods have aggravated the economic situation of Pakistan, a South Asian Nation, which has already facing problems of balance of payment and higher inflation with reserves at multi year low.
All Pakistan Textile Mills Association (Aptma) has estimated 3.5 million bales production losses of cotton crop due to rains and floods in the country.
APTMA delegation visited Tanzania so that Pakistan can arrange the lost Cotton at the lowest cost possible on an emergency basis for the sector to continue meeting the export orders. Any delay / non-delivery of export orders will further worsen our ‘Balance of Payments’ which is already under extreme pressure and the industry will lose hard-earned international clients.
Pakistan’s finance minister assures textile units for the government’s full support in meeting the exports target for the current fiscal year.
The textile exports were recorded at $3,056.387 million in July-August (FY2022-23) against the exports of $2,933.739 million in July-August (FY2021-22), showing growth of 4.18 percent, according to the latest data released by Pakistan Bureau of Statistics (PBS) on Thursday.
