Islamabad: The Pakistan Textile Council has expressed deep concern over the significant decline in exports and 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 in the month of September alone, exports recorded a significant decline of 11.71 percent, worth $2.51 billion.

According to the PTC, the trade deficit has increased to $9.37 billion in this quarter, mainly 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, which has affected 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 other companies is clear evidence that energy prices, tax burden and policy uncertainty have become major problems in the country.

The Pakistan Textile Council has urged the government to implement urgent reforms and warned that if timely measures are not taken, there is a risk of closure of more industries and reduction in investment.

Chairman PTC Fawad Anwar has said that energy prices should be provided according to the region for export industries and along with tax reforms, the refund system should also be improved to support exports. He said that in the current situation, further contraction of exports is a major concern, which will have a negative impact on the country’s economy.