Exports rise 12pc in July

Pakistan’s merchandise exports rose 11.83 per cent to $2.31 billion in the first month of the new fiscal year from $2.06bn in the corresponding month last year, according to data released by the Pakistan Bureau of Statistics (PBS) on Thursday. On a month-on-month basis, exports saw a decline of 9.77pc from June. In FY24, exports rose 10.54pc to $30.64bn from $27.72bn in the preceding year. Exports increased steadily from July 2023 until they turned negative in January. This negative trend persisted until April. After a temporary setback, growth regained momentum in May and continued into June. The country witnessed its highest-ever exports in 2021-22, reaching a staggering $31.78bn. However, the following year saw a decline, with exports dropping to $27.54bn.