Page 4 - TEXtalks International October/November 2022

05

The not-so-surprising plight glooming

over the textile industry worldwide;

clutches not just confined to Pakistan

The textile industry of Pakistan has demand slows with the global
come under a dark cloud which economy grappling with inflation.
didn’t come as a surprise as most In India too, there is a huge crisis in
Editor-in-Chief of the industry saw its inevitable the textile sector. Surprisingly, in
Yousaf Fareed coming. Pakistan’s textile exports the last two to three weeks, cotton
have dropped to their 17-month prices saw a significant increase of
Editor low since May 2021, according to Rs 7,000 per candi (356 kg). The
Hassan Saeed official trade data for October. Most currencies of all economies are
of the millers, failing to get new under severe pressure due to the
Sub-Editor orders from their European buyers, strong dollar. The Indian currency
Dr Sharjeel Abid have preferred to adopt the has declined by over ten percent
Arooj Sajid wait-and-see policy and await the against the US dollar in recent
departure of this storm. Smaller months. Thus, the price increased
Advisory Board: units have already closed down from the low level of Rs 63,000 and
Dr. Tanveer Hussain operations, and according to some reached at the highest level of Rs
Dr. Muhammad Tausif estimates, the number of such 70,000 before falling to a low of Rs
units has reached 100. 69,000. Export markets like the
Marketing U.S., Europe, and Japan continue
Memona Karim This was expected long due as the to grapple with inflation and
Anusha Abid historically high inflation, extreme supply-chain issues amid a
economic conditions, increasing continuous depreciation of euro.
Layouts energy prices made it easier for the
Faizan Khan fall to become steeper; with the Textile industries are the most
dollar value of the textile shipments vulnerable to recessionary trends
Circulation from the country declining by as customers cease to buy
Abrar Hussain 15.2pc from $1.60bn the same clothing or home- based textiles
month last year.Both the and cause a sudden shift in the
Address affordability and availability of gas demand causing it to decrease.
C-302, City Towers have become a gruesome Global recession has left no doors
Main Boulevard, Gulberg II challenge for the textile sector, and un-knocked across the globe.
Lahore-Pakistan has become the race for the However, some experts are hopeful
survival of the fittest. that the situation will improve in the
Phone: + 92 42 35 788 700 months to come. There is some
Fax: + 92 42 35 788 700 However, this plight is not just increase in the cotton business
confined to Pakistan and all textile volume in Pakistan after the
Email: info@textalks.com producing nations have come decrease due to which some hope
Skype: textalks under the sun and utter stress due has been seen among the ginners
to demand destruction in Europe who have stocks of cotton. There is
www.textalks.com and America. Indian textile makers' a severe financial crunch in textile
exports are slowing down as sector worldwide due to recession.

October/November 2022 October/November 2022