Exports contract 10pc in May
Merchandise exports decreased by 10 per cent in May, continuing the negative trend for the current fiscal year, according to the Pakistan Bureau of Statistics. The growth in export proceeds began to decelerate in October, and the pace progressively slowed in the months that followed, eventually shrinking by 5.57pc in February, 8.93pc in April, and 10.07pc in May. Export growth returned in March, with a modest 3.08pc increase, but fell back to negative growth in April and the following month. The slowdown in export proceeds may worry policymakers in the federal government.However, there is no panic in the Ministry of Commerce over the steady decline in export proceeds. The exports grew 11.83pc in July, followed by 16pc in August, 13.52pc in September, 10.64pc in October, 8.98pc in November, 0.67pc in December and 4.59pc in January.