Pakistan’s exports plunge sharply in first half of fiscal year

KARACHI: Pakistan’s exports experienced a steep decline in the first half of the current fiscal year, dealing a significant blow to trade and the broader economy, according to an official report. Experts have described the trend as “alarming,” urging the government to take immediate corrective measures.

Official data revealed that food exports fell by 40.29 per cent, dropping to $2.036 billion compared to roughly $4 billion in the same period last year. Key commodities saw even sharper declines, including rice exports, which fell by 49.90 per cent, and local dry fruits, which dropped by 63.78 per cent. Vegetable exports decreased by 36.80 per cent, while plastic goods exports fell by 43.66 per cent.

Pharmaceutical exports declined by 28.67 per cent, and transport equipment exports fell by 36.51 per cent. The textile sector, however, managed a modest increase, with exports reaching $9.16 billion during the period. Despite this growth, analysts warn that the overall decline in exports continues to put pressure on the economy.

Experts attributed the drop to a combination of global and domestic factors, including weaker international demand, rising export costs, logistical challenges, limited market access, and heightened competition in global markets.

“The continued contraction in key export sectors is a serious concern. Immediate policy interventions are needed to stabilise the trade balance and support exporters,” said one trade analyst.

The report underscores the urgent need for measures to boost competitiveness and mitigate the impact on the national economy.