“According to the data released by Federal Bureau of Statistics on Thursday, the exports of textiles group declined to $ 7.898 billion in July-April period against $ 8.706 billion of the same period of last fiscal year…The government had set up $ 11 billion export target for the textile sector in ongoing financial year but due to sluggish growth of the economy, because of massive loadsh-eddings and high rates on bank loans, the target is not likely to be achieved. Now the government has to get $3.102b from the textile exports in the next two months in order to achieve the set target, a challenge too big to be achieved. ..The figures indicate that trade deficit narrowed up to $14.16 billion during July-April, showing that the country’s exported goods’ worth $14.762 billion as against imports of $28.922b during the period under review. ..Among the textiles group, export of raw cotton increased by 40.32 per cent, cotton cloth 0.75 per cent and towels 3.26 per cent during the first ten months of the current fiscal year…However, the export of cotton yarn declined by 15.98 per cent, cotton (corded) 1.41 per cent, yarn 54.74 per cent, knitwear 6.70 per cent, bed wear 12.19 per cent, tents 14.70 per cent, readymade garments 14.65 per cent, art silk Synthetic textile) 33.64 per cent and other textile materials by 15.43 per cent in the said months. ..The figures said the overall textile products declined by over 23pc in April 2009 over the corresponding period of the last year. .
Date:5/24/2009
Source:The Nation Newspaper