Aptma warns of further export decline

LAHORE: The All Pakistan Textile Mills Association expressed grave concern on Tuesday at the 17-percent decline in overall exports in July, warning that if the trend continued it may translate into a yearly decline of $4 billion.
Aptma has been warning the government of the eventuality, its chairman S M Tanveer, according to a press release from the association.
He said the industry is burdened with additional taxes of Rs172 billion this year that has eroded its competitiveness. He said rupee is overvalued.
The government has the option of either devaluing the rupee by 12-15 percent or remove irrational taxes on exporting industries to make them zero-rated.
He said that based on decline in exports it is likely that damage to textile exports was much higher because textile accounts for around 57 percent of our total exports.