Pakistan's textile industry, which has been a vital cornerstone of the national economy, is facing a severe crisis. According to the caretaker federal minister for commerce, more than 1,600 textile factories have shuttered in the country over the last 16 months. A combination of factors, including high energy costs, gas supply shortages, low gas pressure, and complications in the sales tax refund system, are driving this downturn.
Indonesian President Joko Widodo has directed his staff to tighten restrictions on various imported goods, responding to complaints from associations and the public regarding the influx of imported products affecting domestic markets.
Indian garment production has seen a significant 22.6% year-on-year decline during the initial five months of the fiscal year 2024, as per data from the Confederation of Indian Textile Industry (CITI) concerning the Index of Industrial Production for Textiles and Apparels.
In the face of a challenging year for textile and garment exports, Pakistan's textile industry has demonstrated resilience and adaptability. Recent data from the Pakistan Bureau of Statistics reveals that although the average monthly export volume has decreased by 10-30% compared to the previous year, there are positive signs of stabilization and recovery, particularly in the second half of 2023.
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