Karachi (Commerce Desk): Pakistan’s hosiery and knitwear export industry is facing difficulties in maintaining competitiveness in the global market due to rising production costs, delays in refunds and increased regulatory expenses.
The Pakistan Hosiery Manufacturers and Exporters Association has called for immediate measures to resolve the issues facing the industry and protect export orders. PHMA Central Chairman Zia Almadar Hussain has written to the Federal Secretary of Commerce, requesting that a consultative meeting be convened.
The letter proposed including representatives from the Ministry of Commerce, Ministry of Finance, State Bank, Federal Board of Revenue and relevant institutions in the meeting so that the problems faced by the export sector could be reviewed and practical measures could be decided.
According to PHMA, the industry is facing challenges including high production costs, expensive electricity, load shedding, heavy taxes, high freight charges, financial difficulties, regional competition and a decline in global demand. Under these circumstances, it is becoming increasingly difficult for Pakistani exporters to secure new orders and retain existing international buyers.
According to the letter, sea freight costs for major global markets have increased by one and a half to two and a half times, raising the overall cost of Pakistani products and placing an additional financial burden on exporters.