The All Pakistan Textile Mills Association warned that the country’s textile exports could fall below $1 billion a month from 2023 onwards. APTMA highlighted a range of issues that the textile sector has to face. The industries are currently operating at less than 50% capacity utilization.
In a letter addressed to Prime Minister Shehbaz Sharif, APTMA’s Patron-in-Chief Gohar Ejaz stated that the international economic situation “primarily caused by the Ukraine crisis combined with the floods in Pakistan have created the perfect storm for our economy”.
The letter further read, “The textile sector is now operating at a capacity utilization of less than 50% across the country. A very substantial number of jobs have already been lost and many more are to follow if remedial measures are not urgently undertaken,”.
APTMA attributed the decline to supply chain disruptions, liquidity constraints, energy shortages, and the non-functioning of new projects. It demanded the restoration of a ‘zero rating’.