ISLAMABAD: Mer\u00adcha\u00adndise exports continued upward trend for the third consecutive month in November marking a potential shift in the economic landscape.
\nIn absolute terms, the export proceeds were recorded at $2.57 billion in November against $2.38bn over the corresponding month last year, indicating a growth of 7.66 per cent. However, on a month-on-month basis, the export proceeds decreased 4.39pc. The export of goods in the first five months of FY24 increased by 1.93pc to $12.17bn against $11.94bn in the corresponding period last year. The uptick in export proceeds in November suggests that the textile and clothing sectors are beginning to secure orders from global clients following a year of downturn. However, the full scale of the export resurgence will become apparent in the forthcoming months. According to a preliminary report, the increase in overall export value was mostly driven by semi-finished goods in the textile sector, while value-added garment exports remained negative. Furthermore, in the non-textile sector, the export earnings of food goods, particularly rice and beef, have posted unprecedented increases in recent months. The commerce ministry reported that over 1,600 textile units had clo\u00adsed down in the PDM government. However, the mi\u00adnistry has yet to an\u00ad\u00adno\u00adu\u00adnce the strategic fra\u00admework to provide regi\u00ado\u00adnal competitive ene\u00adrgy pricing, working capital support, speedy ref\u00adu\u00ad\u00adnd payments, enhanced market access, and diversification of products. However, the imports de\u00ad\u00ad\u00adclined by 13.47pc to $4.46bn in November from $5.15bn in the same mon\u00adth last year. On a month-on-month basis, the imp\u00ado\u00adrts increased by 8.31pc. The import bill fell 17.32pc to $21.55bn in July-November FY24 from $26.06bn over the corres\u00adponding months last year. WEB DESK<\/p>\n
The imports fell 31pc to $55.29bn in FY23 from $80.13bn in FY22. The government has projected an import target of $58.69bn for FY24 against $55.29bn in FY23, an inc\u00adrease of $3.4bn or 8.14pc.<\/p>\n
The trade deficit narrowed 33.59pc to $9.37bn in July-November FY24 from $14.12bn over the corresponding months of last year. The trade deficit contracted 31.72pc to $1.88n in November from $2.76bn over the corres\u00adp\u00adonding month last year.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD: Mer\u00adcha\u00adndise exports continued upward trend for the third consecutive month in November marking a potential shift in the economic landscape. In absolute terms, the export proceeds were recorded at $2.57 billion in November against $2.38bn over the corresponding month last year, indicating a growth of 7.66 per cent. However, on a month-on-month basis, the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-371945","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n