In August 2023, textile exports experienced a 6% year-over-year decline, amounting to $1.48 billion, down from $1.58 billion in August 2022, according to data released by the All Pakistan Textile Mills Association (APTMA) on Saturday.
However, when looking at the month-to-month comparison, there was a notable increase in textile exports, with a 12.9% rise compared to the $1.31 billion recorded in the previous month.
It’s worth highlighting that this represents the highest level of textile exports since September 2022 when they reached $1.53 billion.
Over the first 8 months of 2023, textile exports totaled $10.58 billion, marking a 19% year-on-year decrease compared to the $13 billion recorded in the same period in 2022.
For context, Pakistan’s overall exports in August saw a significant 14.27% month-on-month increase, reaching $2.26 billion, up from $2.07 billion in July 2023, as reported by the Pakistan Bureau of Statistics (PBS) on September 01.
However, in a year-over-year comparison with August 2022, exports declined by 4.83%.
It is pertinent to note, that rising inflation and rising probability of Global Recession has led to decline in Global Consumer spending, leading to lower Textile Orders this year.
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