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Exports, Imports and Remittances: Value-added Textile Sector Demands Separate Forex Rates

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The value-added textile sector asked the government to fix different forex rates for exports, imports and remittances, saying the fragile economy has outgrown the cost of manufacturing.

“The country’s value-added textile export sector is “highly disappointed” over growing costs, “Muhammad Jawed Bilwani, Chief Coordinator of Value-Added Textile Forum, said.

Inflation hits 31 per cent, with policy discount and export financing rates 16 per cent and approximately 11 per cent, respectively, he said.

Gas, a primary energy source, is unavailable for the export industries. “The DLTL under textile policy stays suspended. Sales tax refunds are excessively delayed.”

The government has also imposed “severe” restrictions on the import of raw material and machinery, which made the financial crisis worse for the entire sector, he added.

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