Pakistan Textile Council

Monthly Economic Update

Economic Update April 2024

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Textile millers oppose diversion of gas to other sectors, fear closure of units
All Pakistan Textile Mills Association (APTMA) has feared closure of export oriented units in case of curtailment of gas supply to the textile industry. Referring to media reports that thefederal government was considering allocation of 110 MMCFD gas to a sector, the association’s north zone chairman, Hamid Zaman said any endeavor to curtail supply of gas to export industry to divert to any other sector would tantamount to signing of death warrants of textile industry in the country, especially in Punjab.

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Chemical used in textile industry could cause Parkinson’s disease
A chemical previously used in dry cleaning could cause Parkinson’s disease, according to new research. Seven high-profile individuals – including a former basketball star, a Navy captain and a late U.S. Senator – developed the disease after exposure, scientists said.

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Stocks falter on economic uncertainty
Stock prices observed a mixed trend on Tuesday as investors remain cautious on account of further delays in the signing of the staff-level agreement between the government and the International Monetary Fund (IMF).

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Census monitoring dashboards: PBS asks Nadra to give provinces access
The Pakistan Bureau of Statistics (PBS) has asked the National Database and Registration Authority (Nadra) to provide access to census monitoring dashboards to provincial governments to alleviate doubts.

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Sindh governor inaugurates Tariq Sayeed Avenue
Governor Sindh Muhammad Kamran Khan Tessori accompanied by Administrator Karachi Dr.Saifur Rehman, President FPCCI Irfan Iqbal Sheikh, SVP Suleman Chawla, CACCI VP Khurram Tariq Sayeed, Akhtar Tessori, Special Assistants to CM Sindh Pir Noorullah Qureshi & Jam Kaim Ali unveiled “Tariq Sayeed Avenue” at an impressive ceremony held at FPCCI Office Karachi.

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Schoeller Textil AG launches its latest sustainable textile collection
Swiss textile manufacturer Schoeller Textil AG announced the launch of its new recycled textile collection Re-Source.

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Union Minister of Textiles will inaugurate CITI’s Global Textile Conclave
The Confederation of Indian Textile Industry (CITI) is organising the 3rd edition of the Global Textile Conclave (GTC) which is to be held on 15th, 16th, and 17th March 2023 in Jaipur.

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Turkish Jan textile-clothing-footwear retail sales volume up 31.1% YoY
Turkiye’s retail sales volume with constant prices (2015=100) increased by 33.9 per cent year on year (YoY) in January this year. Non-food (except automotive fuel) sales increased by 42.4 percent YoY and sales volume of textiles, clothing and footwear increased by 31.1 per cent YoY during the month.

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E-Textiles: The Future of This Multimillion-Dollar Industry
The promise of seamlessly incorporating electronics into our daily lives through e-textiles has also drawn much industry interest, including historic efforts from major players such as Adidas and Nike, together with millions of dollars in funding for startups in the space.

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 The case for export-led growth
Pakistan’s development history has been in a state of crisis for decades. One major factor
underlying this struggle is an imbalance in the balance of payments that can only be corrected
through enhanced foreign exchange earnings via exports.

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Bargain with the future
Amid much fanfare, the government last week announced an “economic revival plan”
focused on what it calls “untapped potential in key sectors of the economy” to attract foreign
direct investment from “friendly countries”.

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Weak demand, global downturn drive cotton yarn prices down in India.
Cotton yarn prices have decreased in south India due to weak demand and a global downturn
in cotton. Prices fell by ₹3-5 per kg in Mumbai and ₹2-3 per kg in Tirupur. Traders predict
that if current conditions continue, weaker yarn production units may have to close. In
Gujarat, cotton prices dropped by ₹1,000 per candy of 356 kg recently

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UK’s private sector registers slow growth in June 2023: S&P Global
The UK private sector’s growth slowed in June 2023, marking its slowest expansion since
March, according to S&P Global / CIPS Flash UK Composite Output Index. While job
creation rose in June, the manufacturing sector underperformed due to weak market
conditions. However, firms remain optimistic about output growth over the next 12 months.

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China’s Tianjin Port’s foreign trade climbs 8.4% YoY to £87.9 bn.
Tianjin port in North China saw foreign trade surge 8.4 per cent YoY to 812.1 billion yuan
(£87.9 billion) in Jan-May 2023. Trade with ASEAN rose 26.4 per cent YoY, making it the
port’s top trading partner; private firms contributed significantly, with a 23.4 per cent YoY
increase. The port also doubled its aircraft imports, with a total of 46.

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Eurozone biz output growth nears stalling point in June 2023: Survey.
Eurozone’s business output growth nearly stalled in June 2023, indicating renewed economic
weakness post-spring revival, as per a survey by S&P Global. Inflows of new orders in
eurozone dipped for the first time since January 2023, while employment growth slowed.
Despite these challenges, the downturn saw a reduction in inflationary pressures.

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Container throughput at China’s ports rises by 4.7% in 2022. 
Container throughput at Chinese ports rose by 4.7 per cent year on year (YoY) last year,
ministry of transport data shows. Domestic ports handled 296 million twenty-foot equivalent
units (TEU) of containers last year. Cargo throughput at China’s ports was about 15.69 billion
tonnes during the year—up by 0.9 per cent from the previous year.

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Turkiye’s exports rise by 14.4% YoY, imports by 15.5% YoY in May 2023
Turkiye’s exports and imports increased by 14.4 per cent and 15.5 per cent year on year
(YoY) respectively in May this year, leading to foreign trade deficit worth $12.527 billion. Its
main partner for exports in the month was Germany, with exports worth $1.811 billion, while
the top one for imports was Russia, with imports worth $4.569 billion.

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France’s apparel imports from China decline to $1.3 bn in Q1 2023.
French imports of apparel from China have been declining, dropping to $1,294.011 million in
Q1 2023 from $1,786.580 million in Q4 2022. Despite the decrease, China remains the
largest apparel supplier to France, accounting for 20.35 per cent of imports. However, China
ranks second in fabric imports to France, contributing $54.948 million.

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Malaysia’s apparel imports from Vietnam fall to $42.6 mn in Q1 2023. 
In the first quarter (Q1) of 2023, Malaysia’s apparel imports from Vietnam decreased to
$42.631 million, following previous quarters of consistent growth. Despite being a net fabric
exporter to Vietnam, a downward trend in shipments was noted. Also, Malaysia’s trade with
Vietnam included nearly identical amounts of yarn exports and imports.

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Retail inflation holding back private investment: RBI bulletin.
India’s higher retail inflation is slowing down personal consumption expenditure, leading to a
moderation in corporate sales and holding back private investment in capacity creation, the
central bank said in an article. While foreign portfolio investment flows may remain volatile,
buoyancy in foreign direct investment inflows could be sustained.

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