Pakistan was facing a shortfall of 2 million tons of re-gasified Liquid Natural Gas (RLNG), which may lead to a decline of $5bn textile exports during the current fiscal year, expressed the fear by President of the Hyderabad Chamber of Commerce and Industry (HCCI) Adeel Siddiqui.
According to him, the textile sector is facing serious difficulties after a portion of the cotton crop was washed away by floods and, therefore, the government faces a huge challenge in adequately managing the sector. It may be noted that the textile sector of Pakistan had exported textile products worth $14bn and $19bn in 2021 and 2022, respectively due to pro-value-added exports by the previous regime of Pakistan Tehreek-e-Insaf (PTI).
However, due to the damages sustained by the cotton crop a shortfall of 5 million bales was expected in the sector. A total of $2 billion could be needed to import the cotton bales required at a time when the country is facing a crisis in the area of foreign exchange reserves.
The sector is also facing the problems of increasing gas and electricity tariffs, besides price hikes. President HCCI said joint efforts among the textile sector, farmers, and business leaders were the need of the time.
