Exports fall over 15pc in January

The country’s exports shrank for the fifth month in a row dropping by 15.42 per cent year-on-year to $2.21 billion in January raising fears about the closure of industrial units especially textile and clothing across the country. On a month-on-month basis, export proceeds decreased by 4.41pc in January, official data showed on Thursday. The exports started posting negative growth in the first month of the current fiscal year — July — barring August when a slight increase was recorded because of the backlog of the preceding month. Export contraction is a worrisome factor, which will create problems in balancing the country’s external account. In the first seven months (July to January) of 2022-23, exports were down 7.16pc at $16.46bn compared to $17.74bn in the corresponding period last year. The drop shows the government would find it difficult to achieve the export target this fiscal year.