Drop In Exports.

Good news is hard to come by these days when it comes to the economy as it is being reported that the country's exports of merchandise entered a negative growth in July after 22 months. According to the data shared by the Pakistan Bureau of Statistics, export proceeds fell by 5.17 percent to $2.21 billion in the first month of the current fiscal year from $2.34 billion in the corresponding month last year. On a month-on-month basis, exports went down by 24 percent indicating a downward trend in the export sector.

This is concerning considering the prevailing state of the country's economy, and also because the last time exports posted a negative growth trend was back in August 2020. The textile sector-one of the main drivers of the export sector-has already been complaining about the rising cost of energy and raw materials due to the depreciation of the currency. Now, a shortage of gas, electricity and imported raw materials is contributing to this downward trend. In addition to this, exporters have also complained about refunds that stuck with the Federal Board of Revenue.

Some comfort can be derived from the fact that the import bill also...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT