Due To Coronavirus $1.3 Billion Worth Of Textile Orders Cancelled From Pakistan
Textile Orders Cancelled due to Coronavirus
After the economic crisis caused by the Coronavirus, foreign buyers canceled or suspended $1.3 billion worth of textile products from Pakistan, textile industries have demanded from the government for emergency measures.
According to some textile exporters’ associations, export orders worth nearly $1.3 billion to foreign buyers have either been canceled or postponed.
Exporters say that trade rivals are appealing to global buyers from the Prime Minister’s level while officers in Pakistan are following the corporate culture. The Vice President of FPCCI also confirmed the cancellation of orders and said that cancellation of export orders from Lockdown due to Coronavirus has started to have negative effects on the economy of the country.
FPCCI vice president:
In this regard, FPCCI Vice President Khurram Ejaz said that due to the Coronavirus, all export orders in Europe and America are being canceled, which is going to cause billions of losses to the national exchequer. He said that the government should adopt a strategy to prevent coronavirus in which industries are not being shut down. foreign buyers suspended $1.3 billion worth of textile products from Pakistan.
Pakistan Witnesses 400% Increase In Copper Export To China:
According to Pakistan Chemicals and Disease Association, the supply chain in the country is also likely to be affected due to lockdown in the production of textile, pharmaceutical, and other industrial sectors. Pakistan exports $25 billion annually, but the outflow is stopped due to lockdown. Work in Karachi industries has been halted.
Chief Coordinator of Pakistan:
Ijaz Khokhar, the chief coordinator of the Pakistan Readymade Garments Manufacturers and Exporters Association, says that the message must be sent from the highest level to the prime minister level, canceling orders from global buyers or delay will affect labor and more people will go below the poverty level. Global buyers suspended $1.3 billion worth of textile products from Pakistan.
He said that the Indian textile minister has given a very strong message to the global buyers and similar messages should be conveyed by our Prime Minister and Trade Advisor.
Pakistan Textile chief:
Khurram Mukhtar, acting chief of the Pakistan Textile Exporters Association, said that there was no problem in trying to do so, orders were being postponed or canceled at stores that closed their operations after the Coronavirus outbreak. Retailers such as Tax Group, JC Penney, Macy’s, H&M, Kohl’s, Bed Bath & Beyond, Nike, Peak Cock, American Eagle, and Ikea. The airlines and the hotel industry, on the other hand, have been the most affected by the outbreak of Coronavirus all over the world, and buyers of hotel businesses abroad have also delayed their imports from Pakistan. due to this foreign buyers suspended $1.3 billion worth of textile products from Pakistan.