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The devaluation of the Pakistani rupee sparked opposition from the textile industry
Recently, the textile industry’s growth department in Pakistan questioned the government’s proposal to let the rupee depreciate further. They believe that this move will push up import costs, especially the cost of imported raw materials, and will have a certain negative impact on textile exports.
Jawed Bilwani, Chairman of the Pakistani Apparel Council, Pakistan Garment Manufacturers and Exporters Association, Pakistan Knitwear and Sweater Exporters Association, Pakistan Cotton Textile Apparel Manufacturers and Exporters Association, believes that devaluation will only affect the import and export prices of Pakistani textiles Does not stimulate exports. According to statistics, in December 2017, Pakistan’s rupee depreciated by 5%, while the price of imported goods rose by more than 70%.
Jawed Bilwani believes that the government should improve Pakistan’s exports by reducing the cost of electricity, natural gas, and water and quickly resolve the issue of export tax rebates of several billion rupees.