Pakistan has lost its textile export share in the international market to about 23%. Now the shares have dropped to 1.7% from 2.25% and this situation is raising questions on the economic and trade policies of the Government of Pakistan. The recent review of APTMA has presented a thorough insight into the root causes of the situation.
The non-performance of the textile sector and the highest ever costs of doing business is the reason why the Pakistani textile facing the biggest ever trade deficit on worth $35.609 billion and the external deficit has swelled to $16.305 billion. The presentation of APTMA also gave a comparison of the competitors who are performing better in than Pakistan, saying that Vietnam showed the progress of about 107%, Bangladesh about 64%, India 31% and Sri Lanka about 20% whereas Pakistan is still in the red zone with a negative growth of 11%.
Chairman Aptma, Mr. Aamir Fayyaz, demanded zero rating of raw materials for the textile industry, reducing the cost of doing business, resolving the liquidity problems and filling up the policy-implementation dividing immediately to ensure restoration of the industry’s viability and revival of the export potential of the country.
The high business costs, an insufficient amount of liquidity, divide in the implementation of ongoing policies, and provision of Rs 3 billion out, of 180 billion s Textile Package are the major reasons for this situation, said Mr. Aamir Fayyaz.
To deal with the situation and revive the textile industry of Pakistan, necessary is to look at the highlighted aspects and provide the textile industry with better opportunities and facilities to compete with the market competitors with its full potential
