Chairman of Pakistan Cloth Merchants Association said the Federal Government has ignored the Value-Added Textile Exporters and Manufacturers as no major incentives announced by the federal government, we have suggested in the budget for them. The industry has serious concerns over the new budget, protesting over the absence of any support for the ailing textile sector and its dwindling exports.
Ahmed Chinoy Chairman PCMA said that the International Monetary Fund (IMF) which had recently projected that Pakistan’s exports and imports both would reduce due to the economic shocks from the rapid propagation of the COVID-19 outbreak. Exports are estimated to reduce by $1.86 billion to $23.732 billion during FY21. Similarly, imports are projected to decline by $4.64 billion to $48.291 billion during the outgoing financial year. Pakistan’s export has declined massively due to the outbreak of Corona Virus throughout the world.
The country’s exports have reduced to $957 million in April 2020 from $2.089 billion in the same month of the previous year showing massive decline of 54.19 per cent. In May 2020 exports fell by a massive 33pc. According to the data released by the government, exports for May 2020 stood at $1.391 billion. On the other hand, the country’s imports stood at $2.851 in May 2020, showing a decline of 43 percent.