It is heartening to note that the country’s exports increased by 10.65 per cent ($2.702 billion) to $28.070 billion during the first 11 months (July-May) of the current fiscal year 2023-24 compared to $25.368 billion in the corresponding period of the last fiscal year.
The monthly trade data released by the Pakistan Bureau of Statistics (PBS) have shown that the country’s trade deficit narrowed down by 15.25per cent in the first 11 months (July-May) of 2023-24 as it stood at $21.732 billion compared to $25.642 billion during the same period of last fiscal year.
The foregoing does suggest a marked uptick in exports, which will certainly augur well for the prospects of country’s external sector. That the criticality of higher exports and workers’ remittances cannot be overemphasized is a fact.
It is, therefore, a matter of great satisfaction that the quest for higher growth in both exports and remittances has intensified in recent months. Moreover, there is incriminating evidence that the economy is no longer losing momentum.
The country’s export-oriented sectors, therefore, deserve government’s attention. The commerce minister, Jam Kamal, is said to have been advocating a concessional electricity tariff for the export-oriented industry. He must translate his words into a firm action.
The upcoming budget for FY 2024-25 must spell out steps that are aimed at facilitating the export-oriented industry in a meaningful manner. The country needs higher exports at all costs, given the fact that foreign direct investment (FDI), which is a key source of inward foreign flows after exports and workers’ remittances, is declining for quite some time.
Moreover, higher exports will certainly help the government deal with the challenge of rising unemployment in the country in an effective and meaningful manner.
Sultan Salahuddin
Karachi
Copyright Business Recorder, 2024
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