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Site update: August 15 2022, at 16:45 PKST
Stock update: August 15 2022.

Recent Financial News in the 'textile-composite' category

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Friday, August 12 2022

Textile exports to dip by $3bn due to govt policies, warns Aptma
The All Pakistan Textile Mills Association (Aptma) believes export proceeds of the textile sector will go down by up to $3 billion in the current fiscal year because of the government’s policies that have “strangulated” the largest dollar-earning sector of the economy. “I can’t see (us) getting out of this perfect storm… It’d be a miracle if we’re able to retain our exports at the current level,” said Aptma Secretary General Shahid Sattar while speaking at a seminar organised by the Pakistan Institute of Development Economics on Thursday. Textile exports increased almost 26 per cent to $19.3bn in 2021-22, according to the Pakistan Bureau of Statistics. Mr Sattar said the textile sector performed “pretty well” in the last two years as its foreign earnings increased by roughly $7bn. However, he said he’s become a “big sceptic” with regard to the immediate future of the textile sector given the severity of its working capital crisis.
Related news categories: business economic-indicators textile-composite textile-spinning textile-weaving

Wednesday, July 27 2022

Govt urged to fix textile exporters’ liquidity crunch
Textile exporters met Finance Minister Miftah Ismail on Tuesday and informed him about the challenges they are facing related to income tax, sales tax refunds, deferred payment claims and exchange rates, and asked the government to address these issues, a leading industrialist told Dawn. They complained that the tax machinery had withheld exporters’ refunds to show a rise in the overall revenue collection and there were delays in the availability of subsidised loans on already approved projects. A delegation of the Pakistan Textile Exporters Association (PTEA), led by its chairman Shaiq Jawed, met Mr Ismail. The association’s patron-in-chief, Khurram Mukhtar, told Dawn after the meeting the delegation apprised the finance minister about three major issues: uninterrupted supply of energy to the textile sector round the year, release of refunds and a road map for clearing provincial sales tax refunds.
Related news categories: business economic-indicators textile-composite textile-spinning textile-weaving

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