Pakistan’s exports fall 15pc for seventh month in a row

Pakistan’s exports of merchandise shrank for the seventh month in a row dipping by 14.76 per cent year-on-year to $2.36 billion in March, reflecting fear of massive layoffs in the export sector of the country. In the first nine months (July to March) of 2022-23, exports were down 9.87pc at $21.04bn compared to $23.35bn in the corresponding period last year, according to data released by the Pakistan Bureau of Statistics on Monday. The export proceeds are declining mainly because of internal and external factors raising fears about the closure of industrial units, especially textile, and clothing. Imports dipped 40.25pc to $3.82bn in March compared to $6.40bn over the corresponding month of last year. In the first nine months, imports fell 25.34pc to $43.94bn this year from $58.85bn over the corresponding period last year. Between July and March FY23, the trade deficit decelerated 35.5pc to $22.9bn from $35.50bn over the corresponding months of last year. In March, the trade deficit fell 59.75pc to $1.46bn on a year-on-year basis.