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August 25, 2014

Concern expressed over decline in textile exports

 
August 25, 2014

FAISALABAD: Pakistan Yarn Merchants Association (PYMA) chairman Obaidullah Sheikh has expressed concern over decline in textile exports.
Talking to newsmen here, he said that export of cotton yarn had declined by 35.32 per cent, of cotton cloth by 8.13 per cent and of other textile material by 14.4 per cent in July. He said that textile exports were $1.19 billion in July 2013 while the same were $1.16 billion in July 2014. He said that the reasons behind the decline were loadshedding of electricity and gas, poor law and order and uncertain political situation.
In the month of Ramazan, the government increased loadshedding duration for the industrial sector to provide relief to the people, he said, adding that the government had promised to decrease the loadshedding after the month of Ramazan but due to the political crisis, the sector was still facing hours long loadshedding. He said that the textile industry was facing severe loadshedding and production had decreased by 50 per cent. Foreign buyers and investors were hesitant to come to Pakistan due to the political crisis, he added.
He apprehended that if the present state of uncertainty continued, there would be further decline in exports in the month of August. He demanded the government immediately increase energy supply to the textile industry to enable it to increase its productivity.