All Pakistan Textile Mills Association (APTMA), a Pakistan-based trade organisation representing the largest industrial sector of the country, has warned that the country’s textile exports could fall below US $ 1 bn a month from 2023 onwards.
APTMA highlighted a range of issues that Pakistani textile industry is facing. The mills and factories are currently operating at less than 50 percent capacity utilisation.
In a letter addressed to Prime Minister Shehbaz Sharif, as per Business Recorder, APTMA’s Patron-in-Chief Gohar Ejaz said the international economic situation ‘primarily caused by the Ukraine crisis combined with the floods in Pakistan have combined to formulate the perfect storm for our economy.”
“A very substantial number of jobs have already been lost and many more are to follow if remedial measures are not urgently undertaken,” read the letter.
APTMA attributed the decline to supply chain disruptions, liquidity constraints, energy shortages and non-functioning of new projects. According to APTMA, the recent floods destroyed the cotton crop with only 5 mn bales available this year, while the industry requires 14 mn bales.
