ISLAMABAD: The textile exports have witnessed massive 64 percent decline in April 2020 due to lower demand in foreign markets and cancellation of orders due to coronavirus outbreak.
According to data released by Pakistan Bureau of Statistics (PBS) on Wednesday, the textile exports recorded $403 million dollars in April 2020 as compared with $1.14 billion in the same month of the last year.
The exports in April 2020 were also registered decline of 61 percent when compared with $1.04 billion in March 2020.
The textile exports however registered 2.79 percent decline to $10.81 billion in first ten months (July – April) 2019/2020 as compared with $11.12 billion in the corresponding months of the last fiscal year.
State Bank of Pakistan (SBP) in its second quarterly report on Pakistan Economy, stated that the outbreak of the virus in Europe and North America and the ensuing lockdowns may have an adverse impact on Pakistan’s exports.
Further, domestic exporters have already warned of cancellation of orders as retail sales in destination markets weaken and port and shipping activities are restricted, the SBP noted.