Pakistan’s textile machinery imports fell by 22%

by:JIYALI     2021-08-11
In the first eight months of the current fiscal year, Pakistan’s textile machinery imports fell by 22% because industrialists did not find the appeal of reinvesting in the textile sector, Industry News said on Sunday.  Industrialists say that investment in textile balance, modernization and innovation has continued to decline since the 2004-05 fiscal year. Investment in the 2004-05 fiscal year reached 928.6 million US dollars. According to economic surveys, textile machinery imports fell to US$81.24 million in the 2005-06 fiscal year, to US$50297 million in the 2006-07 fiscal year, and to US$281.55 million in the July-February of the 2007-08 fiscal year.   Pakistan’s textile sector provides approximately 67% of foreign exchange earnings, accounts for 40% of industrial employment, and provides indirect employment for 45% of farmers and rural labor. It is reported that the main reasons for the retreat of the textile sector are the increase in bank interest rates from 4.5% to more than 11%, the decline in cotton production, high energy costs, excessive loading and unloading time, and the high wages of skilled labor compared with Pakistan’s international competitors. Basic law and order situation.  Industrialists said that the Aziz government ignored the manufacturing sector, promoted the country’s userism, and encouraged banks to provide free loans for the purchase of cars and electricity consumer goods. They said that the large-scale manufacturing growth rate dropped from 19.9% u200bu200bin the 2004-05 fiscal year to 4%, which reflected the country's manufacturing industry in detail.  Industrialists said that the All Pakistan Textile Mills Association (APTMA) called for a reduction in bank interest rates to promote investment in the textile sector. At the same time, they are also concerned about the 30% increase in electricity costs within a year.  Industrialists expressed their hope that the new government should announce a relief policy for the textile industry so that the imbalance between imports and exports can be made up.
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