Pakistan positive economic indicators encouraging for apparel sector: PHMA

LAHORE, August 19 (Online): The Pakistan Hosiery Manufacturers & Exporters Association (PHMA) has welcomed the positive economic indicators and growth recovery, as Pakistan trade deficit has dropped by 10.24% in July 2020 while exports have registered an increase of 6% from $1.88 billion last year to $2 billion during this period.

PHMA vice chairman Shafiq Butt said that Prime Minister Imran Khan has already accorded approval to Textile Policy 2020-25 in terms of policy directives on production and diversification of exports, which needs to be implemented timely, ensuring the dividends out of it.

He said that credit goes to the government especially the commerce ministry which managed to get notified the regional electricity and gas tariff for the export sector at 7.5 cents per unit and $6.5 per MMBTU respectively in the last fiscal year. He suggested the government to continue the same regional tariff for the export industry in future too.

PHMA vice chairman said that this economic recovery is an outcome of prudent policies of the government and encouraging sign for the value-added textile industry. It is fact that the Coronavirus outbreak and the subsequent lockdown drastically damaged the world economy and Pakistan was no exception which witnessed negative GDP growth. However, due to the prudent policies adopted by the incumbent government, the economic losses were not only mitigated but the economy was also put on the track which is now showing signs of recovery.