Exports of textile, clothing contract over 9pc in July-August

Textile and clothing exports shrank 9.49 per cent in the first two months of the current fiscal year from a year ago owing to rising cost of production and liquidity constraints, data released by the Pakistan Bureau of Statistics showed on Friday. In absolute terms, the value of textile and clothing exports fell to $2.766 billion in July-August from $3.05bn in the corresponding months last year. The decline indicates no sign of revival in export proceeds in the first half of FY24.Caretaker Commerce Minister Gohar Ijaz has claimed recently that the government will soon offer regionally competitive energy prices to textile exporters as well as resolve their cash flow issues by releasing pending sales tax refunds. (Dawn)