Daily Times

Pakistan’s twisted tale of exports, imports and a cripplingly contracted balance of trade is before us again. Non-textile exports saw a decline of 8.99 per cent in the first month of the fiscal year in what can only be called an ominous indicator of the coming months. Although exports have not been showing any considerable growth since September 2022, the performance of leather and carpets has taken a turn toward the bottom of the barrel. Considering the negligible export value of our most prized item as they are re-marketed in the West, Pakistan being slated among the main global suppliers of surgical instruments does not amount to anything worthwhile. The writing on the wall has been screaming about the abysmal performance of our textile exports in the international market for quite some time. Cotton once referred to as white gold, silently made its way out of the picture as sugar sultans took over. Given the unprecedented climate changes and little to no interest in adding value to our textile exports, we are in no state to rely on keeping all eggs in a small basket. The diversification of Pakistan’s exports beyond textiles holds immense potential for the nation’s economy. There’s no denying that. Industries such as pharmaceuticals, chemicals, and engineering goods could easily make use of existing infrastructure and aim for significant growth while providing employment to skilled professionals and contributing to more inclusive economic growth. Former planning minister Ahsan Iqbal might have earned brownie points for his claim that his government strove to turn Pakistan into an export hub but from the looks of it, the sweeteners might take a while to come across. A lot of hard work, determination and an eye on the bigger picture is needed to establish clear-cut long-term goals for the country’s economy. Between establishing Pakistan as a trans-shipping destination and targetted production, no one in the present ruling elite appears ready to invest in reforms that cannot show instant results. Until then, we may shed earnest tears or roll out knee-jerk bans on imports to help stroke our petty egos. *