Pakistan’s textile exports witnessed a surge of 20per cent in February 2024 on YoY basis, the data released by the All Pakistan Textile Mills Association (APTMA) data showed on Tuesday. As per details, exports of textile products of Pakistan reached $1.41 billion in February, up 19.7 per cent from $1.18 billion in the same month last year (2023). The increase marked the third straight month of positive growth for the sector, which accounts for more than half of the country’s total exports and is a key source of foreign exchange. However, textile exports in the first eight months of the fiscal year 2023-2024, which began in July, were still down 1 percent year-on-year at $11.15 billion.

Year on year, textiles exports in December 2023 increased 3.3 per cent, in January 2024, they were up by 10.10 percent and in February they were up by 20 per cent. Earlier, Pakistan Caretaker Minister for Commerce Dr. Gohar Ejaz said that exports from the country rose by about 30 percent over the course of three months, expanding by 28 percent in December, 27 percent in January, and 30 percent in February 2024. The commerce minister said that exports of manufacturing and engineering showed 15 percent growth while exports of food and agricultural products increased by 70 per cent.

Credit: Independent News Pakistan (INP)