The country’s textile exports have suffered a blow, with a significant decrease observed at the beginning of the new fiscal year.
According to recent data from the Department of Statistics, there was a 10% decrease in textile exports on a monthly basis and a 3% decrease on an annual basis.
Textile group exports totaled $1.27 billion in July 2024, a decrease from $1.41 billion in June 2024. This signifies a notable drop, indicating the difficulties the textile industry is experiencing because of increasing electricity expenses and other unfavorable circumstances.
July 2023 witnessed textile exports amounting to $1.31 billion, showing a decrease compared to the same period in the previous year. The sector, crucial to the country's economy, has been significantly affected by the high cost of electricity and difficult business conditions.
At the start of the new fiscal year, the textile industry is facing these challenges, sparking worries about its future impact on the national economy.
