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$26b exports target in tatters: Textile exports dip 1.54%, cotton yarn 15.64%, yarn 13.36%

ISLAMABAD: Power crisis has forced the country’s textile exports further cut by 1.54pc from July to October of the current fiscal year to $4.6 billion as compared to $4.7 billion of the same period of the last year.

As per the Pakistan Bureau of Statistics (PBS) data, the country’s overall exports have decreased by 6.86 per cent in July-October to $7.98 billion from $8.56 billion during the period under review of the previous year.

However, the PBS figures shows that textile exports had recorded increase of 6.51 per cent in October 2014, as it registered at $1.18 billion in last month against $1.11 billion of the corresponding period last year.

The export of raw cotton registered a negative growth of 8.28 per cent, cotton yarn 17.1 per cent, cotton cloth 15.64 per cent, cotton carded or combed 96.06 per cent, yarn 13.36 per cent and bed wear 0.72 per cent. Meanwhile, following of the commodities recorded positive growth: knitwear 10.89 per cent, towels 4.23 per cent, tents, canvas & tarpaulin 159 per cent, readymade garments 8.11 per cent, art, silk & synthetic textile, 33.42 per cent, madeup articles 1.77 per cent, other textile materials 13.78 per cent during the four months of 2014-2015.

The country had spent $5.07 billion on importing oil during four months of the current financial year, which is 1.79 per cent lesser than the imports of same period of last year. The break-up $5.07 billion showed that country imported petroleum products worth of $3.19 billion and petroleum crude $1.88 billion.

Moreover, $1.21 billion had been spent on exporting food commodities during the month of July-October 2014. The break-up of food group showed that following food commodities have recorded negative growth: rice 4.23 per cent, fruits 12.2 per cent, vegetables 41.73 per cent, pulses 100 per cent, tobacco 17.64 per cent, wheat 100 per cent, oil seeds, nuts and kernels 24.59 per cent, meat and meat production 13.07 per cent, and all other food commodities 13.29 per cent during the period under review. However, spices recoded growth of 13.83 per cent sugar 122.52 per cent.

Meanwhile, All Pakistan Textile Mills Association (Aptma) Sindh-Balochistan Chairman Tariq Saud strongly opposed the measure. He said that recovery of revenue losses because of gas theft from consumers was unethical and would be damaging for the industry, which provides employment and earns foreign exchange.

Rejecting the ECC policy guidelines to Ogra for increasing the gas tariff, Pakistan Apparel Forum (PAF) Chairman Jawed Bilwani said the move would result in total collapse of value-added textile sector.