Textile exports decline by $1333m over last 7 months

Faisalabad—Textile exports have declined by 1333 million dollars over the last seven months and if the recommended 30 billion rupees are not allocated in the budget, the textile export downfall will be 2 billion dollars by the end of current fiscal. These apprehensions were expressed by Chairman Pakistan Textile Exporters Association Rana Arif Tauseef, in a press statement here today.

Barring first three months of the current financial year, the textile exports have recorded continuous decline ranging between 10 to 19% over the last 7 months, he elaborated and added that in the ongoing last month the decline would further be widened. Touching on different irritants in the way of textile exports, PTEA Chief said that huge amounts of exporters are stuck up in local taxes drawback scheme, custom rebate, sales tax and federal excise duty refund. If these funds of exporters are released, the exporters would be able to expand their export. He stated that Ministry of Textile Industry had recommended allocation of 30 billion rupees for local taxes drawback but this recommendation has not been included in the budget. He urged the Government to take cognizance of the difficulties being faced by the exporters as well as the dipping of textile exports and to take immediate measures to allocate 30 billion rupees.

PTEA chairman also took exception to allocation of ten billion rupees to TDAP and said that since the exporters were paying 0.25% export development fund, this amount should not be allocated to TDAP but to exporters to help increase the exports of the country. He demanded that the cost of doing business should be reduced and unnecessary burden on exports should be lessened.—INP