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Exports’ decline and the need of the hour

 

Thanks to agricultural, industrial and mineral production, Pakistan’s foreign trade is multi-faceted and the first five months of the current financial year saw an encouraging increase in exports of textiles, leather apparel, surgical instruments and engineering equipment. If this trend continues for the next six months, imports and exports could be fairly balanced. According to the Pakistan Bureau of Statistics, delays in orders due to code 19 measures during July-November have affected exports of non-textile items. The food sector was the hardest hit with a 12.44% decline. Rice topped the list with a 12.58% decline in exports. The export value of basmati rice declined by 24.46 per cent and its volume by 28.41 per cent. After textiles, rice is considered to be Pakistan’s most important export which India has been working for over a decade to influence the global market. Exports of fish and poultry products declined by 9.72 per cent, fruits by 9.62 per cent, vegetables by 5.91 per cent and chillies by 1.62 per cent. On the other hand, it is encouraging that jewelery exports should increase by 85.96 per cent on an annual basis and handicraft products by 100 per cent. However, the mentioned exports do not mention cotton. Its crop has been in loss for the last few years and Pakistan has to import this commodity. As a whole, the اضافہ 1.426 billion increase in foreign exchange reserves over the past six months is certainly a sign of an increase in remittances. With this in mind, it will be necessary for the government to continue its efforts in this regard.

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