Pakistan’s textile exports fall 15%
31/07/2023
TDAP has sets a subsidised participation fee of Rs 1.720 million (£4,700), and applications close on August 7.
A TDAP official told Inside Denim: “We are sponsoring participation in the Bangladesh Denim Expo for the first time this year for its 15th edition. The applications are open, and we expect a good response."
At the 14th edition, 90 exhibitors showcased their latest denim products, fabrics, accessories, chemicals and technologies. Pakistan’s Artistic Denim Mills, Siddiqsons Denim Mills, Naveena Denim Mills and Soorty were among exhibitors.
Research firm IMS Research said Pakistan’s textile exports clocked in at $1.4 billion in June, down 14% year on year, but up 11% from the month before, accounting for 63% of total exports.
This takes FY23 textile exports to $16.5 billion, down 15% year on year. The monthly improvement has been attributed to higher order flows for value-added textile exports, mainly from the US and Europe, amid falling inflation rates and better consumer purchasing power.
Observers expect textiles exports to improve against backdrop of falling inflation in major export markets and the arrival of local cotton crops this year. However, the outlook for local textile sector earnings remains weak due to elevated interest rates and the withdrawal of power and gas subsidies from FY24 onwards. This, coupled with the recent 10% supertax rate in the FY24 Budget, will likely impact Pakistan’s denim mills.
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