Lahore: Raising serious concern over the constant falling trend of Pakistan exports the Ferozepur Road Industrial Association (FRIA) has said that the country’s exports declined by around 2.99 percent during the first seven months of July-Jan of the current fiscal year and stood at $9.738 billion compared to $10.038 billion during the same period of 2022-23. The FRIA Senior vice chairman and PIAF EC member Shahbaz Aslam advocated the need for raising the country’s export base so that tax-to-GDP ratio improves from current poor level. He urged the trade officers to explore opportunities to diversify exports of goods and services in their respective areas, asking them to meet the challenges faced by Pakistan in European markets. He also suggested the ministry to devise strategies for promotion of Pakistani products, calling upon trade officers to take advantage of opportunities offered by China-Pakistan Economic Corridor (CPEC). Shahbaz Aslam said that the country’s overall exports during July-January 2023-24 totaled $17.778 billion (provisional) against $16.481 billion during the corresponding period of last year showing an increase of 7.87 percent. The exports in January 2024 were $2.792 billion (provisional) as compared to $2.822 billion in December 2023 showing a decrease of 1.06per cent over December 2023 but increased by 24.81 percent as compared to $2.237 billion in January 2023. The data on exports and imports released by PBS revealed that on a month-on-month basis, textile exports registered 3.98per cent growth in January 2024 and stood at $1.455 billion compared to $1.399 billion in December 2023. On a year-on-year basis, textile exports increased by 10.10 per cent in January 2024 when compared to $1.321 billion in Jan 2023. Cotton yarn exports increased by 49.04per cent during the first seven months of the current fiscal year as it stood at $669.824 million compared to $449.418 million during the same period of the last fiscal year. On a year-on-year basis, cotton yarn exports registered 19.78per cent growth and stood at $81.295 million when compared to $67.873 million in January 2023. Our Correspondent
