ISLAMABAD: Textile exports registered a 5% increase for the first time in 10 months, signalling a potential recovery for the industry that has been battered by rising input costs and a global recession, The News reported Friday. 

According to the data from the All Pakistan Textile Mills Association (APTMA), the shipments increased to $1.43 billion in October from a year earlier. This was the first month of positive growth since January.

However, textile exports in the first four months of the current fiscal year, which started in July, declined by 7% to $5.55 billion from the same period last year. The data also shows that during the 10-month period in the calendar year 2023, textile exports fell by 16% to $13.14 billion from $15.88 billion registered in the same period of calendar year 2022.

In January 2023, textile exports tumbled by 15% to $1.32 billion from $1.55 billion in the same month of calendar year 2022. In February, exports fell by 30% to $1.18 billion from $1.67 billion in the same month of 2022. February registered the highest negative growth.

The downward trend in exports continued till September: in March, exports fell by 23%; in April, 29%; in May, 20%; in June, 14%; in July, 11%; in August, 7%; and in September, 11%.

“It is a matter of pride that due to collective efforts, we are observing positive trends related to a significant reduction in our trade deficit,” said Gohar Ejaz, minister for Commerce and Industries, on X, formerly Twitter.