After 22 months, Pakistan’s export declined by 24 percent in July
Pakistan’s exports in July posted a decline of over $700 million or 24 percent, after 22 months when the economy recovered from the impact of Covid-19.
Data from the Pakistan Bureau of Statistics (PBS) showed that exports in the first month of the current fiscal year declined by 5.17 percent to $2.21 billion from $2.34 billion in the same month last year.
On a month-on-month basis, exports have declined by 23.95%, which shows a declining trend in the export sector, the last time exports declined by 14.75% in August 2020.
FY22 not only achieved the export target but also crossed the psychological threshold of $30 billion for the first time, Pakistan’s exports have remained below this level for the past decade.
In the last fiscal year, Pakistan’s exports increased by 26.6 percent to $31.845 billion, which was $25.160 billion a year ago. Exports in June rose 6.48 percent to $2.89 billion, higher than last year’s $2.72 billion.
The textile sector has already complained of rising energy and raw material prices due to the massive depreciation of the rupee. Furthermore, exporters have also complained about refunds that are dues on Federal Board of Revenue.