Despite previous economic challenges, Pakistan's textile and apparel exports grew marginally by 0.93 percent to $16.655 billion in FY24.
The sector accounted for 54.29 percent of the country's total exports of $30.676 billion, but its share declined from the previous year.
Knitwear exports declined marginally while non-knitted garments and cotton yarn registered growth.
Pakistan's textile and apparel exports grew by 0.93% in FY2024 to reach $16.655 billion from $16.5 billion in the previous year. This modest growth underscores the difficulties faced by the industry in competing with regional rivals due to stringent tax measures imposed during the fiscal year.
According to the Pakistan Bureau of Statistics (PBS), textile and apparel exports fell by 3.91 percent year-on-year in June, from $1.47 billion to $1.41 billion. The drop reflects the industry's highest-ever energy cost burden.
Former Commerce Minister Gohar Ejaz said textile and apparel exports have remained stable over the past two years despite the industry's installed capacity of $25 billion. He said the government needs to offer competitive energy prices, tax breaks and sales tax rebates to boost exports.
"The sector's performance in FY2024-25 is expected to face further challenges with the introduction of new tax measures, including higher tax rates on exporters' income. These impacts are likely to be visible in the coming months," he further said.
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