Exports reverse declining trend in September
Pakistan’s merchandise exports registered year-on-year a modest growth of 1.15 per cent in September, reversing the trend after 12 consecutive months of contraction, data released by the Pakistan Bureau of Statistics showed on Monday. However, on a month-on-month basis, the export proceeds increased 4.18pc to $2.465bn in September. The export of goods in the first quarter (July to September) dipped by 3.78pc to $6.89bn this year against $7.17bn over the corresponding period of last year. The modest recovery in export proceeds in September indicates that the textile and clothing industries have started to receive orders from international buyers after months of slump. However, the true extent of the export recovery will be revealed in the coming months. The commerce ministry reported that more than 1,600 textile units had closed down in the past 16 months. However, the commerce ministry has yet to announce the strategic framework to provide regional competitive energy pricing, working capital support, speedy refund payments, enhanced market access, and diversification of products.