ISLAMABAD: According to the data from the Pakistan Bureau of Statistics, Pakistan has reported negative growth in merchandise exports after 22 months. During the first month of the current fiscal year, the exports dropped to $2.21 billion from $2.34 billion.
The exports recorded a decline of 23.95 per cent on a month-to-month basis. Last year, the exports had grown from $25.16 billion to $31.84 billion.
A complaint has been made by the textile industry regarding the surge in the cost of raw materials. The cost of materials has increased because of the devaluation of the rupee. Exporters have also shown reservations over the Federal Board of Revenue for not releasing the refunds.
However, the import sector has shown some improvement. In July, the import bill was reduced from $5.57 billion to $4.86 billion. The import bill decreased by 38.13pc on a month-to-month basis.