Daily Times

Raising serious concern over the constant falling trend of Pakistan exports the Ferozepur Road Industrial Association (FRIA) has said that the country’s exports declined by around 2.99 percent during the first seven months of July-Jan of the current fiscal year and stood at $9.738 billion compared to $10.038 billion during the same period of 2022-23.

The FRIA Senior vice chairman and PIAF EC member Shahbaz Aslam advocated the need for raising the country’s export base so that tax-to-GDP ratio improves from current poor level. He urged the trade officers to explore opportunities to diversify exports of goods and services in their respective areas, asking them to meet the challenges faced by Pakistan in European markets. He also suggested the ministry to devise strategies for promotion of Pakistani products, calling upon trade officers to take advantage of opportunities offered by China-Pakistan Economic Corridor (CPEC).

Shahbaz Aslam said that the country’s overall exports during July-January 2023-24 totaled $17.778 billion (provisional) against $16.481 billion during the corresponding period of last year showing an increase of 7.87 percent.

The exports in January 2024 were $2.792 billion (provisional) as compared to $2.822 billion in December 2023 showing a decrease of 1.06per cent over December 2023 but increased by 24.81 percent as compared to $2.237 billion in January 2023. The data on exports and imports released by PBS revealed that on a month-on-month basis, textile exports registered 3.98per cent growth in January 2024 and stood at $1.455 billion compared to $1.399 billion in December 2023.

On a year-on-year basis, textile exports increased by 10.10 per cent in January 2024 when compared to $1.321 billion in Jan 2023.

Cotton yarn exports increased by 49.04per cent during the first seven months of the current fiscal year as it stood at $669.824 million compared to $449.418 million during the same period of the last fiscal year.

On a year-on-year basis, cotton yarn exports registered 19.78per cent growth and stood at $81.295 million when compared to $67.873 million in January 2023, while on a MoM basis, it registered 14.65 per cent negative growth when compared to $95.252 million in December 2023.

Rice exports increased by 95.26 per cent during the first seven months of the current fiscal year and stood at $2.115 billion when compared to $1.083billion during the same period of the last fiscal year.

Food group exports increased by 57.66per cent during the first seven months of the current fiscal year and stood at $4.267 billion when compared to $2.706 billion during the same period of the last fiscal year.

The main commodities of exports during January 2024 were rice others (Rs108,803 million),knitwear (Rs102,331 million), readymade garments (Rs93,462 million), bed wear (Rs70,662 million),cotton cloth (Rs44,773 million), towels (Rs26,930 million), rice basmati (Rs25,055 million), cotton yarn(Rs22,789 million), vegetables (Rs20,449 million), and petroleum products (Rs19,362 million).

Shahbaz Aslam said that Pakistan has remained a potential market for foreign investors, who still have plans to make fresh investment in the country, but they have continued to wait for the return of economic stability. He highlighted uncertainty in the rupee-dollar parity as one of the major concerns of foreign investors. He said a slowdown in the economy had badly impacted business confidence. It is must for the authorities concerned to first create an enabling environment for the local businessmen desiring to make new investment.