Industry is better for growth than IMF bailouts

With the commodity production improving, there is a noticeable pickup in exports, mainly to the Middle East, supporting the country’s apex trade body’s view that more resources can be generated by industry and trade than by knocking at the International Monetary Fund’s doors. With some initial increase in farm output, food exports grew 30 per cent in the first four months of the current fiscal year to $1.94 billion from $1.49bn compared to the same period last year, according to the Bureau of Statistics data. Exports to the Middle East bounced back with a growth of 21pc. The government has rejected the Pakistan Sugar Mills Association’s demand to export half a million tonnes of surplus sugar, fearing a price hike in the domestic market. Large-scale manufacturing expanded for the second consecutive month in September, with year-on-year growth of 1pc, reversing a trend of the previous 14 months of contraction. The export proceeds of merchandise grew by 13.6pc to $2.7bn in October against $2.38bn over the corresponding month of last year. However, on a month-on-month basis, the export proceeds increased 9.3pc to $2.7bn.