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Articles for tag: Annual, exports, Fabric, growth, Textile

March 19, 2024

News Desk

Textile exports are down again despite annual growth

LAHORE: After slight increases in export figures for two consecutive months, Pakistan’s textile exports again entered negative territory on a monthly basis. According to the latest data released by the Pakistan Bureau of Statistics on Monday, textile group exports for February 2024 fell by 3.31% compared to January 2024, with the February figures totaling 1.41 billion versus $1.46 billion in January. On an annual basis, textile exports managed to remain in positive territory, showing an increase of 19.20%. Export figures for February 2023 were recorded at $1.18 billion. The textile industry is a cornerstone of Pakistan’s economy, with stakeholders claiming

March 17, 2024

News Desk

The textile industry is looking for support to take full advantage of GSP Plus

LAHORE: The leadership of the Pakistan Hosiery Manufacturers Association (PHMA) has pledged that the value-added textile industry will work closely with the new government in a bid to boost exports and revive growth momentum. In a statement, Chairman PHMA Zonal Farrukh Iqbal requested the government to extend its support to the value-added garment sector so that it can realize its potential to reap benefits from the GSP Plus preferential trade facility and provide massive employment among the unemployed population. “Exports to EU countries have started to decline, which is a serious concern,” he said. Iqbal welcomed the government’s recent move

March 9, 2024

News Desk

Textile body, British chamber to deepen cooperation

LAHORE: A comprehensive agreement has been reached between the Greater Birmingham Chamber of Commerce (GBCC) and the Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA), to promote mutual cooperation and enhance bilateral trade between Pakistan and the United Kingdom. This landmark agreement underscores the commitment to strengthen commercial and industrial ties between the private sectors of both nations. In this context, a Memorandum of Cooperation (MoU) was signed between the two entities. The agreement, which can potentially boost textile exports, was aimed at engaging in talks and networking opportunities between industry leaders from Pakistan and the UK. According to the

February 17, 2024

News Desk

Textile exports increase to $1.46 billion

LAHORE: Textile sector exports in January 2024 jumped to $1.46 billion, up 3.97% month-on-month from December 2023’s figure of $1.399 billion. This positive trend for the second month in a row, however, falls short of the sector’s expectations given its important role in Pakistan’s economy. According to data from the Pakistan Bureau of Statistics, textile exports also registered a year-on-year growth of 10.10%, with January 2023 figures reaching $1.32 billion. However, the first seven months of the financial year 2023-24 showed a negative growth of 2.99%, falling from $10.04 billion to $9.72 billion compared to the same period of the

February 15, 2024

News Desk

50% of textile companies may close in the coming weeks

Islamabad: With more than 50% of textile and apparel companies at high risk of shutting down in the coming weeks, the All Pakistan Textiles Mills Association (APTMA) has called on the federal government to review energy rates to make textile exports competitive in the international market. The international competitiveness of Pakistan’s textile and apparel exports is constantly being eroded by persistently rising energy prices that are, on average, more than double those in competing countries. Moreover, electricity prices for industrial consumers are at 16.7 cents/kWh and natural gas price is increasing to Rs 2,950/MMBtu from Rs 2,200/MMBtu currently, a notable

January 20, 2024

News Desk

Textile exports down 5% in 1H24

LAHORE: In the first half of the current financial year 2023-24, the country’s textile exports have declined by 5%. The figures for July to December 2023 are $8.283 billion, compared to $8.716 billion in the first half of 2023. According to revised data released by the Pakistan Bureau of Statistics (PBS) on Friday, textile exports for December 2023 were $1.4 billion, up from $1.319 billion in November 2023. This represents an increase of 6%. on a monthly basis in the export data. On a year-on-year basis, textile exports in December 2023 also registered a slight increase of 3% in export

January 15, 2024

News Desk

Transforming the textile value chain

Islamabad: Pakistan’s textile value chain (TVC), the cornerstone of the economy, is on a transformational journey. As the country’s largest and oldest manufacturing industry, it plays a critical role in sustainable exports and GDP contribution, aligning with global trends for corporate responsibility and optimization. Despite the fact that textiles are an important factor in the economy of Pakistan, a significant number of enterprises still operate in an incomplete structure. However, the sector successfully exports a significant proportion of its total output. In integrated sectors, each participant contributes to the added value of textile products. The paradox of a long-standing economic

January 11, 2024

News Desk

Pakistan’s textile innovation shines at Heimtextil 2024

FRANKFURT: A collaboration between a Pakistani textile company and a Danish material science company has resulted in the production of eco-friendly yarns and fabrics from maize waste. The prototype was first presented at the Heimtextil exhibition, a global textile exhibition. Towel products aimed at newborns, infants and people with skin sensitivities will be made from these sustainable materials. Following a successful trial, commercial production of yarn from maize and sugarcane waste is planned to begin in Pakistan. At Heimtextil 2024, the world’s largest home textile industry exhibition, fabric created from industrial yarns by Pakistani textile company Feroze 1888 Mills Limited,

December 24, 2023

News Desk

Textile sector likely to face another gas tariff hike amid soaring LNG prices

The devastating effects of high energy costs have forced many mill owners to close their businesses A worker operates a fabric preparation machine at the Kohinoor Textile Mills in Lahore on July 20, 2023. — AFP Natural gas duties increased by 60% from August 2022. The gas tariff is expected to increase further in the coming months. High energy costs also forced the closure of industries. LAHORE: Pakistan’s textile industry, which is a key export sector of the country, is suffering from high energy costs and a weakening currency, making it less competitive in the global market, The news it

December 18, 2023

News Desk

The dream of 200% growth in textile exports

KARACHI: Pakistan continues to face the challenge of weak exports. This had a negative impact on the country’s trade balance, current account and foreign exchange reserves. The modest scale and sluggish export growth are major factors that lead the country to frequently seek bailouts from the International Monetary Fund (IMF). Pakistan’s export profile is not only limited in size but also lacks diversity. The textile industry bears the brunt of this responsibility, accounting for nearly half of the country’s total exports of goods and services in the last fiscal year, according to data from the State Bank of Pakistan (SBP).

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