Exports shrink 19pc in June, record 10th straight drop

Pakistan’s merchandise exports dipped by 12.71 per cent year-on-year to $27.54 billion in 2022-23 from $31.78bn in the preceding fiscal year, showed data released by the Pakistan Bureau of Statistics on Monday. The export contraction continued for the 10th month in a row, plunging by 18.72pc year-on-year to $2.36bn in June. The export proceeds are declining because of internal and external factors stoking up fears about the closure of industrial units, especially textile and clothing. The government has projected a $32bn target for the outgoing FY23. However, the export target was missed by a wide margin of $4.46bn. Throughout the entire fiscal year, there was a conspicuous absence of any statements or meetings within the commerce ministry to address the causes behind the decline in exports and propose solutions to assist exporters. The commerce minister’s engagements primarily consisted of frequent foreign tours, while failing to make any public statements regarding the diminishing exports.