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Pakistan’s Textile Sector

 "Pakistan’s textile sector faced ongoing challenges, primarily due to sluggish recovery in global economies, stringent monetary policies aimed at curbing high inflation, and rising energy costs. Textile exports grew marginally by 0.9% year-on-year (YoY) to USD 16.7 Billion. Within the sector, Knitwear exports declined by 0.7% to USD 4.4 Billion, while Ready-Made Garments saw a modest increase of 2.1% to USD 3.6 Billion. Cotton production surged to a record 10.22 Million bales, up from 4.9 Million bales in FY 2023, however, cotton arrivals in Pakistan plunged to a 40-year low as of September 15, 2024, down by 64%, according to the Pakistan Cotton Ginners Association (PCGA). Total arrivals this year stand at 1.434 Million bales compared to 3.933 Million bales during the same period last year. The sector struggled with high costs for imported raw materials, the phasing out of the Export Finance Scheme, elevated interest rates, weak external demand, and heightened competition from China. Overall, FY 2024 was a challenging year for Pakistan’s textile industry, marked by both internal and external pressures." Excerpt from Interloop Annual report 2024







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