Over 1600 Textile factories shut down in Pakistan in last 16 monthsClick Daily News

Over 1600 Textile factories shut down in Pakistan in last 16 months

News, Online Service, Online Services, Technology, TV, Uncategorized September 4, 2023 , by admin 1 Comment

Dr. Ijaz further explained that approximately 20 percent of the total installed capacity in the textile and clothing sector has been adversely impacted during this sixteen-month period.
In response to this challenging situation, the government is in the process of finalizing a strategic framework. This framework aims to address the issues by providing competitive energy pricing at a regional level, offering working capital support, expediting refund payments, increasing market access, and encouraging product diversification. The implementation of these policies is expected to unlock the full production capacity potential within the country.

According to the most recent data from the Pakistan Bureau of Statistics (PBS), Pakistan’s exports in August 2023 amounted to $2.36 billion, showing a 4.8 percent decline compared to the $2.48 billion in exports recorded in August 2022. However, there was a 14.3 percent increase in exports compared to the previous month when exports stood at $2.07 billion.