Textile exports dip by 61pc in first nine days of January

ISLAMABAD: In a worrying development, textile exports have declined by 61% in the first nine days of this month, January 2022. In this regard, Finance Minister Shaukat Tareen has convened a meeting this (Thursday) evening. A senior Commerce Ministry official told The News.

In the first nine days of 2022, textile production fell by $ 290 million, with value-added textiles estimated at $ 213 million and other textiles at $ 77 million. In terms of both value and volume, this translates into a 61% reduction.

Gas / RLNG supply to export-oriented industries was cut off on 15 December 2021, and then restored on 29 December 2021, resulting in a permanent loss of 30% of textile exports. And in December 2021 alone, the cost of shutting down the gas cost the country 250 250 million in exports.

When contacted, Muzammil Aslam, a spokesman for the Ministry of Finance and Power Division, said it was propaganda and that according to his check, exports had increased by 10 per cent over the previous year. “The first three days of January are Saturday, Sunday and Monday (bank holiday). This claim is incorrect as there was a loss of m 250m last month.” He also said that the government gives its position only after the end-of-month figures.

However, official export data, which the Commerce Ministry shared with the textile industry about the sharp decline in textile exports, refutes the claims of the Finance Ministry spokesperson. The ministry asked the textile industry to state the reasons for the negative growth in exports.