Daily Times

Raising grave concern over the poor performance of the exports, the Pakistan Industrial and Traders Associations Front (PIAF) has said that country’s major export markets did not see any significant growth in importing goods from Pakistan in the financial year ended on June 30 this year. PIAF Chairman Faheemur Rehaman Saigol, quoting the latest figures, stated that the exports to the US largely remain dissatisfied while those to China registered a slight decline. Exports to the UK posted marginal growth during the fiscal under review, according to the country-wise export data released by the Trade Development Authority of Pakistan. The US remained the top export market for Pakistani goods in the financial year ended on June 30, 2024, with exports totaling $5.286 billion compared to $5.239 billion last year, showing a slight growth of 0.9 per cent. China followed with imports of $2.559 billion, compared to $2.614 billion, recording a negative growth of 2.1 per cent. While the United Kingdom fell to third place with imports of $2.015 billion from Pakistan during the fiscal against $1.943 billion, showing a growth of 3.7 per cent. The PIAF chairman pointed out that administrative measures to curb imports, leading to raw material shortage for the industry and resultantly lower production, were the main reason for the plunge while the slowdown in global demand amid monetary tightening was another reason, he said. Faheem Saigol 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.