• Download the Constitution of Pakistan
  • Advertise
Friday, July 25, 2025
  • Login
NEWSLETTER
ECONOMY
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology
No Result
View All Result
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology
No Result
View All Result
ECONOMY
No Result
View All Result
Home Business

Pakistan’s Textile industry loses $1 billion export orders

by News Publishing
July 7, 2022
in Business, Finance
Reading Time: 2 mins read
0
Another textile company cuts production by 40%
Share on FacebookShare on TwitterLinkedinWhatsapp

The All Pakistan Textile Mills Association (Aptma) Chairman Abdul Rahim Nasir has urged the federal government to restore gas supply to the textile industry on an urgent basis, stressing that a loss of almost $1 billion in exports has already been incurred because of it.

At a press conference, he said that the over 300 textile mills that have been closed due to a cut in gas supply. He added that the 26 per cent upsurge in the export of textiles during fiscal year 2021-22 was made possible only due to the supply of energy at a regionally competitive tariff.

He stated that the textile industry had performed admirably, increasing textile exports from $12.5bn in 2020 to nearly $20bn in 2022, a 60pc increase.

He claimed that the exponential growth in the textile sector had promoted investment of over $5bn and the establishment of 100 new textile units, which, after becoming operational, would result in fetching additional exports of $6.0bn per annum.

Mr Nasir emphasized that the suspension of gas supply to industry for a week led to a near shutdown of production in the entire value-added sector, inflicting severe damage to the economy.

He went on to say that the large-scale closing of mills has resulted in massive layoffs and unemployment, sowing widespread economic chaos.

He is confounded that the exporting sector, which has pledged to increase textile exports to $25bn by 2022-23, is being denied energy and gas. He believes that a constant supply of gas is essential for the industry to maintain export momentum.

Mr. Zaman said that the textile sector has a history of increasing exports and providing stability to the economy. He warned that if the current situation continues, they will lose more than half of their output this month.

He stated that the textile industry is currently producing goods for the upcoming Christmas, and any delay in the delivery schedule risks losing export markets for an indefinite period.

If this momentum is not maintained due to energy supply and cost constraints, Pakistan will need to seek an additional $6bn in loans from abroad, which may not be possible under the current circumstances.

He emphasized the importance of restoring gas supply to the export-oriented industry as soon as possible.

The textile sector plays a vital role in the economy of the country, accounting for 61% of exports and 40% of employment in the manufacturing sector. The closure of mills due to the non-supply of gas would have a devastating effect on the already fragile economy.

Tags: All Pakistan Textile Mills AssociatioExport ordersfederal governmentlatest
News Publishing

News Publishing

Related Posts

Pakistan, Russia sign Protocol to restore & modernize PSM

Pakistan, Russia sign Protocol to restore & modernize PSM

by News Publishing
July 11, 2025
0

Pakistan and Russia have signed a Protocol to restore and modernize Pakistan Steel Mills (PSM) in Karachi, reaffirming their long-standing...

PSX soars to new high of over 133,000 points in intraday trade

PSX soars to new high of over 133,000 points in intraday trade

by News Publishing
July 7, 2025
0

July 8, 2025: The Pakistan Stock Exchange (PSX) continued its remarkable upward trend on Monday, as the KSE-100 index surged...

Pakistan, Azerbaijan sign $2billion investment agreement

Pakistan, Azerbaijan sign $2billion investment agreement

by News Publishing
July 5, 2025
0

Pakistan and Azerbaijan have signed an agreement for investment worth two billion dollars in diverse sectors of Pakistan's economy. The...

Petrol price increased by Rs8.36 per litre for next fortnight

Petrol price increased by Rs8.36 per litre for next fortnight

by News Publishing
July 1, 2025
0

The Finance Division has announced a significant increase in fuel prices, citing volatility in global crude oil markets. Effective from...

Petrol increase

Petrol Prices Likely to Rise by Rs5/Litre from July 1

by Anum Arif
June 30, 2025
0

ISLAMABAD: Prices of petroleum products in Pakistan are likely to rise by up to Rs5 per litre starting Monday, July...

Govt Eyes $3.3 Billion in Foreign Loans From Chinese Banks

Govt Eyes $3.3 Billion in Foreign Loans From Chinese Banks

by News Publishing
June 24, 2025
0

The Government of Pakistan is working on securing two foreign loans totaling $3.3 billion from Chinese financial institutions, aimed at...

Next Post
Martyrdom anniversary of Shaheed Havaldar Lalak Jan, being observed today

Martyrdom anniversary of Shaheed Havaldar Lalak Jan, being observed today

About Us

Economy.pk is a source of economic, political, business, finance, health and sports updates.

Important Categories

  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology

Social Media

  • Facebook
  • Instagram
  • Twitter
  • Linkedin
  • YouTube
  • Linkedin
  • TikTok
  • WhatsApp
  • About
  • Advertise
  • Careers
  • Contact

© 2024 Economy.pk - Web Development by Digital Otters

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology

© 2024 Economy.pk - Web Development by Digital Otters