ISLAMABAD: Commerce Minister Engineer Khurram Dastgir Khan has been ‘shocked’ by the 15.6 per cent decline in exports during the first eight months of fiscal year 2014-15 and turned down the reasons behind the decrease, presented by the ministry of commerce.
The exports declined by 12.9 per cent in February 2015 against the same period of last year, while 8.7 per cent negative growth was also recorded during the corresponding month as compared to January 2015. The decline was witnessed in the exports of textile sector, rice, petroleum group, sports goods, footballs, gloves and leather tanned.
The sources revealed that export of cotton, yarn and cloth has declined massively which is 60 per cent of the country’s total exports, adding that re-export of jewellery has also drastically declined. Export of jewellery decreased to $4 million from $200 million.
Commerce Ministry officials had presented the reasons like over valuation of rupee, energy crisis, law and order in Karachi, port handling by ANF and slow down in the economies of China, European Union and United States in their presentation, which was rejected by the minister, saying, “I am not satisfied with the presentation. Don’t present analysis of data collected by SBP and PBS. Contact exporters to ascertain the reasons for the decline and seek their opinion to regain the lost markets.”
Pakistan is facing worst scenario in exports at a time when the Commerce Ministry is in process of formulating another three year Strategic Trade Policy Framework (STPF) 2015-18.
