In September alone, exports fell by 11.71 percent to $2.51 billion

The trade deficit increased to $9.37 billion, with companies including Procter & Gamble, Microsoft, and Shell leaving the country

Pakistan Textile Council expresses concern over a significant decline in exports and the closure of global companies

Withdrawal of global companies from Pakistan or curtailing operations, there is a risk of a major decline in investment, PTC

Commerce Reporter, Daily Dawn, Dawn TV Report

Islamabad: The Pakistan Textile Council has expressed deep concern over the significant decline in exports and the closure of industries.

According to a statement issued by the council, exports in the first quarter of this year have decreased by 3.83 percent to $7.61 billion, while exports recorded a significant decline of 11.71 percent in September alone, which was worth $2.51 billion.

According to PTC, the trade deficit has widened to $9.37 billion this quarter, largely due to a 13.49 percent increase in imports, which is putting severe pressure on the external accounts. Due to such a situation, Gul Ahmed Textile has decided to close its export apparel segment, affecting thousands of employees.

Similarly, many large global companies have also been forced to exit Pakistan or limit their operations. The withdrawal of Procter & Gamble, Microsoft, Shell and others is clear evidence that energy prices, tax burden and policy uncertainty have become major problems in the country.