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PRGMEA seeks new package for the textile sector

The Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) says, the country’s textile value added sector is facing serious economic hardships due to volatile exchange rate. Pakistan is facing multiple economic challenges, including Pak rupee devaluation, slow foreign inflows, depleting foreign exchange reserves, higher inflation. These economic problems can be mainly attributed to lower exports and higher imports.

Despite massive efforts from the government, Pakistan's total exports could hardly reach $23.22 billion as against imports of over $60.8 billion by end of fiscal year 2018. Among overall exports, the share of the textile sector is merely $14 billion. Depreciation of Pak rupee has made imported raw materials more costly. The previous government had announced Rs 180 billion relief package for the export sector, but it could not be delivered completely due to bureaucratic hurdles. Now, a fresh bailout package for the textile sector has been called for.

 

 
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