Pakistan: Over 1,600 textile factories reportedly close within 16 months
"Textile Industry Crisis: Over 1,600 Factories Closed in 16 Months", 3 September 2023
In a concerning development for Pakistan’s economy, over 1,600 textile factories have been forced to shut their doors within the past sixteen months, as disclosed by Interim Commerce Minister Dr. Gohar Ijaz.
The ramifications of this crisis are profound, affecting every facet of the textile industry, from ginning and weaving to spinning, processing, and garment manufacturing.
Minister Ijaz emphasized that numerous factories still operational are struggling to maintain reduced production levels due to adverse circumstances. Alarming statistics show that approximately 20 percent of the textile and clothing sector’s installed capacity has been negatively impacted during this period...
Despite the challenges, there’s a glimmer of hope, with August 2023 exports reaching $2.36 billion, marking a 14.3 percent increase from the previous month...