KARACHI: The textile sector has to bear loss of around $300 million owing to goods transporters’ 12-day-long strike.
The textile exporters revealed that due to strike, cargoes’ shipments were delayed and could not reach the US markets in time ahead of annual Xmas and New Year events.
Pakistan Readymade Garments Manufacturers and Exporters Association (Prgmea) Chief Co-ordinator Ijaz A Khokhar pointed out that the shipments of textile products would not be displayed at the American markets in the upcoming festivals there. He said this delay would also disturb the payment schedule as the US buyers would also delay payments of local exporters.
“Around $300 million of payments will be cleared after 60 days instead of immediate disbursement by the US importers,” Ijaz said.
He said that there is actually a sales season in the West and Pakistani textile products are in demand there but the strike wiped out the hopes of the local textile exporters for better business.