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June 2024 saw a 3% decline in Pakistan’s textile exports on a month-over-month basis.

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July 2023–24 had a 3.09 percent decrease in textile exports from $1,311.650 million in the same month the previous year.

Tents, canvas, and tarpaulin were among the textile products that helped the trade develop. In July 2024, exports of these goods reached $10.877 million, up 14.22% from $9.523 million in the same month the previous year.

In addition, commerce in ready-made clothing increased by 7.57 percent to $295.522 million from $274.730 million, while exports of art, silk, and synthetic textiles increased by 4.12 percent to $27.245 million.

Cotton yarn saw a 42.54 percent fall in exports from $97.031 million to $55.750 million, while cotton cloth saw a 0.56 percent decrease from 140.936 million to 140.148 million. These two textile items were among those with negative growth in trade.

Similarly, the export of yarn that wasn’t cotton fell by 22.35 percent, from 3.292 million to 2.556 million; knitwear fell by 1.88 percent, from $364.541 million to $357.686 million; bed wear fell by 1.20 percent, from $216.910 million to $214.305 million; and towels fell by 3.67 percent, from $72.766 million to $70.093 million.

Made-up article exports (apart from towels and bedding) fell from $48.057 to $51.039 million, a 5.84 percent decline.

From $53.956 million to $48.897 million, the value of exports of all other textile materials fell by 9.38%.

Month over month, the country’s textile exports fell by 10.13 percent in July 2024 compared to $1,414.417 million in June 2024, according to PBS data.

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Business

Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Business

Discos report losses of Rs239 billion.

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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