ISLAMABAD: According to data provided by the Pakistan Bureau of Statistics on Monday, a decline in global demand caused Pakistan’s product exports to stagnate in November and drop into the single digits.
Due to stable currency rates and better orders from the global community, the economic trend accelerated in July. August saw a 16.52 percent increase in exports, September saw a 13.52 percent increase, October saw a 10.64 percent increase, and November saw an 8.98 percent increase.
In November, exports totaled $2.80 billion, up from $2.57 billion in the same month the previous year. Monthly, shipments decreased 5.97 percent.
Export revenues during the first five months of FY25 were $13.69 billion, up 12.57 percent from $12.16 billion in the same period the previous year.
In November, the trade gap narrows by 18%.
In recent months, international customers have switched from obtaining apparel from Bangladesh and China to Pakistan. It enables Pakistani exporters to seize the market and take advantage of the chance.
The government’s decision to withhold refunds and rebates under several categories infuriated exporters, particularly those in the textile industry. This reduces their margins and restricts their ability to reinvest and grow their business, the exporters claim.
They stated that quick action is required to prioritize export industry liquidity by resolving taxes difficulties and expediting refunds. Businesses can maximize their potential and make a substantial economic contribution by prioritizing exports.
deficit in trade
PBS data shows that imports increased 3.90 percent to $22.34 billion in July-November FY25 from $21.50 billion in the previous year. In November, imports fell 3.83 percent to $4.39 billion from $4.52 billion in the same month the previous year.
Monthly imports fell 3.83 percent. For FY25, the IMF lowered its import prediction by $3.3 billion from $60.5 billion to $57.2 billion, which was in line with the government’s estimate of $57.3 billion.
Imports decreased by 0.84 percent to $54.73 billion in FY24 from $55.19 billion in FY23. The July-November FY25 trade deficit decreased 7.39 percent to $8.65 billion from $9.34 billion in the previous year. The deficit dropped 18.60 percent to $1.58 billion in November from $1.95 billion the previous year. In FY24, the trade imbalance shrank from $27.47 billion to $24.08 billion.
