Shams ulNisa

Pakistan recorded an increase in exports in June this year compared to the previous month (May), reports WealthPK. According to a monthly summary prepared by the Pakistan Bureau of Statistics (PBS), the country’s exports increased to PKR679,027 million (USD2,366m) in June this year against PKR628,037 million (USD2,200m) in May.

According to a report by the Trade Development Authority of Pakistan (TDAP),exports with partner countries increased in June 2023 compared with the corresponding month last year. The list contains the United Kingdom, Spain, Italy, Turkey, Kazakhstan, Greece, Mexico, Indonesia, Brazil and Tanzania.

Pakistan’s exports to Kazakhstan were the highest among the partner countries in June 2023, reaching USD17.6 million against USD6.9 million in June 2022, registering an increase of 154.2 percent. Exports to Mexico remained the lowest in June 2023, standing at USD11.9 million against USD11.5 million in June 2022. The top growing commodities in June 2023 against June 2022 include cotton yarn, women's or girls' suits, medical and surgical instruments, dates, figs, pineapples, avocados, guavas, mangoes and mangosteens, meat of bovine animals (fresh or chilled), gloves, mittens and mitts, knitted or crocheted, undenatured ethyl alcohol, cement, footwear, and fabrics (woven of polyester staple fibers).

These commodities earn greater export receipts by providing incentives to the respective industries. Most of the export commodities in the list include fruits,showing that Pakistan’s agriculture sector has the potential to earn handsome foreign earnings.Provision of high technology to the farmers and skill development is essential for potential output from the agriculture sector. As per the TDAP quarterly report, textile exporters have indicated distress because of unavailability of gas and electricity, restrictions on the opening of LCs, and inordinate delays in refunds.

Furthermore, the severe restrictions imposed by the government on the import of raw materials and machinery has made it harder for the businesses to survive. The major concern equally facing all the sectors is the energy crisis, and addressing it properly will help Pakistan get back on the path to development. The government should also remove restrictions on the import of raw materials and machinery. By adding more value to the imported raw materials and machinery, the country can earn valuable export receipts.

Credit: INP-WealthPk