"Stop Production For One Day" To Protest The Deterioration Of Pakistan Textile Business Environment
According to Pakistan's July 31st report, all Pakistan
Textile mill
The Association (APTMA) recently announced that it will hold a "stop production day" campaign around the end of August to protest the deterioration of the textile business environment in Pakistan.
APTMA Faiz, President of Punjab Province, said that in the past 2015/16 financial year, Pakistan's textile exports decreased by 1 billion 100 million US dollars, down 7.4% compared with the same period last year, while Bangladesh's textile exports in the same period increased 15%.
Pakistan 70% textile mill is facing a serious problem of high business cost. In the last fiscal year, Pakistan's cotton output was only 9 million 800 thousand packages, a new low in the past 14 years, and a big cotton producing province in Punjab.
cotton
Output fell by more than 40% over the same period last year, and Pakistan textile in the past 3 years.
clothing
Exports fell by US $1 billion 400 million, while exports from major competitors Bangladesh, India and Vietnam increased by US $3 billion, US $4 billion and US $8 billion respectively. The share of Pakistan's international market dropped from 2.3% to 1.5%, while India increased from 3.5% to 5%, Bangladesh increased from 1.6% to 3.7%, and China increased from 30% to 30%.
Faiz said that despite the historic drop in international oil prices, the trade deficit in Pakistan has been increasing due to the sharp drop in exports. Meanwhile, the debt burden of the Pakistan government has increased by 48 billion US dollars in the past 3 years.
If exports continue to decline, the balance of payments is bound to be unsustainable. In order to boost exports, APTMA appeals to the government to cancel the import tariff and sales tax of 4% of cotton. Two is the relevant additional fees of the State Electricity Regulatory Commission (NEPRA) to cancel the electricity price of the 2015/16 fiscal year. Three is to restart the export tax rebate process by the end of August to improve the financial liquidity of textile enterprises, and four is to levy 15% of the import tariff on all imported synthetic cotton yarns.
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