KARACHI: Pakistan’s improved economic growth prospects are being nullified by official trade data as Pakistan Bureau of Statistics (PBS) reported on Friday that the country saw 21% decline in exports, widening trade deficit by 35% in July 2015.
Pakistan started new fiscal drearily as in the very first month of Fiscal Year 2015-16 (FY16), exports from Pakistan to the world fell by 21% to $1.59 billion in July 2015 as compared to $2.01 billion of corresponding month of previous fiscal while exports registered 17% decline over exports worth $1.92 billion in June.
Similarly, imports of goods in the country increased by 4.04% to $3.37 billion in July as against $4.39 billion of imports in June while due to lower international oil prices, Pakistan’s import bill dropped in July by 23.28%, as compared to $3.24 billion in July 2014.
As a result, dwindling exports from Pakistan broadened country’s trade deficit in July 2015 (FY16) by 34.62% to $1.77 billion as compared to $1.31 billion in same period previous fiscal.
Experts said it seems that the government has focused only to gain international lenders confidence by running positive statements in media while the actual figures indicate gloomy picture which clearly shows that government in not seriously patronizing the Pakistan’s most important sector, textile, as despite having Generalized System of Preferences (GSP) status from European Union the sector’ exports have been remained on same path.
They said that the declining exports mainly textile goods would further dent the economic progress although this is the golden period to reap rewards as the global commodity prices have been on descending trend which has reduced the manufacturing cost sharply.
