Merchandise exports contract 19pc in Feb; massive layoffs feared
Business
The country's exports plunged 8.65pc at $18.79bn during 8MFY23
ISLAMABAD (Web Desk) - The merchandise's exports contracted for the the sixth consecutive month, dropping by 18.67 per cent year-on-year to $2.30 billion in February this year.
The contraction in merchandise exports could trigger massive layoffs in the industrial sector.
The country's exports plunged 8.65pc at $18.79bn during the first eight months of FY2022-23 compared to $20.57bn in the corresponding period last year. The drop shows the government would find it difficult to achieve the export target this fiscal year.
Imports dipped 31.51pc to $4.009bn in February compared to $5.85bn over the corresponding month of last year. In the first eight months, the imports fell 23.56pc to $40.09bn this year from $52.45bn over the corresponding period last year.
Between July and February FY23, the trade deficit decelerated 33.18pc to $21.30bn from $31.87bn over the corresponding months of last year.
In February trade deficit fell 43.56pc to $1.70bn on a year-on-year basis.
The export proceeds are declining mainly because of internal and external factors raising fears about the closure of industrial units, especially textile and clothing.
