Pakistan's textiles and apparel sector is on the brink of a major crisis, with more than 50% of firms facing the imminent threat of closure in the coming weeks. The All Pakistan Textiles Mills Association (APTMA) has sounded the alarm, urging the federal government to urgently review energy rates to ensure the competitiveness of textile exports in the global market.
In a significant economic development, China's textile and clothing exports witnessed a notable decline of 8.1% in 2023, according to recent data released by the Chinese textile sub-council CCPIT-Tex.
In a significant boost to Bangladesh's export diversification efforts, the country's apparel exports to non-traditional markets saw a remarkable 20.54% year-on-year growth in 2023. According to data from the Export Promotion Bureau (EPB), exports to these destinations surged to $8.87 billion from $7.36 billion in the previous year.
In a significant move to bolster the textile industry, the Indian government has sanctioned a subsidy of approximately ₹52 crore for 400 textile processing units within the Ichalkaranji Powerloom Megacluster. This subsidy aims to facilitate the upgradation of existing machinery and the acquisition of new equipment.
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