Textile sector seeks new package to compete in world market

Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) have said textile value added sector is facing serious economic hardships due to volatile exchange rate.

PRGMEA Chief has said that presently, Pakistan is facing multiple economic challenges, including Pak rupee devaluation, slow foreign inflows, depleting foreign exchange reserves and higher inflation. The new government will need a competent team to address the economic issues and economic problems that are due to lower exports and higher imports.

He said that despite massive efforts, Pakistan's total exports could hardly reach US$ 23.22 billion mark as against the import of over US$ 60.8 billion by end of fiscal year 2018. He said among overall exports, textile share is US$ 14 billion.

Under prevailing circumstances, new economic managers would be required to adopt remedial measures for smooth and long term economic growth. The country needs long term economic policies for sustainable growth.

The PRGMEA Chief said that the new government would also have to face the challenge of lower export growth. Increase in exports, particularly textiles, will be one of major economic challenges for the new government and concrete steps need to be undertaken in order to boost exports to earn sufficient foreign exchange to reduce pressure on external account.

He further said that the textile value added sector is facing serious economic hardships due to volatile exchange rate and devaluation of Pak rupee versus US dollar, as the prices of raw material have been increased manifold.

 

 
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