Exports plunge by 27pc in April

For the eighth month in a row, Pakistan’s merchandise exports shrank by 26.68 per cent year-on-year to $2.12 billion in April, data released by the Pakistan Bureau of Statistics showed on Tuesday. In the first 10 months (July to April) of 2022-23, exports were down 11.71pc at $23.17bn compared to $26.24bn in the corresponding period last year. The export proceeds are declining mainly because of internal and external factors raising fears about the closure of industrial units, especially textile and clothing. At the same time, imports plunged by 55.67pc to $2.95bn in April compared to $6.66bn in the corresponding month last year. Imports fell 28.44pc to $46.88bn during July-April from $65.51bn over the corresponding period last year. Between July and April FY23, the trade deficit decelerated by 39.62pc to $23.71bn from $39.27bn over the corresponding months of last year. In April, the trade deficit fell 77.98pc to $0.829bn on a year-on-year basis.