Farooq Awan

Pakistan’s goods exports declined sharply in November FY2025-26, with export receipts falling to $2.398 billion, compared with $2.833 billion in November FY2024-25, reflecting a 15.35% year-on-year contraction, according to the Monthly Trade Report for November 2025 released by the Trade Development Authority of Pakistan (TDAP)

The weaker monthly performance added pressure to cumulative export volumes for the fiscal year to date. TDAP data show that goods exports during the July–November FY26 period were recorded at $12.84 billion, down from $13.72 billion in the corresponding period of FY25, representing a 6.39% decline over the first five months of the fiscal year.

The November contraction played a significant role in pulling down cumulative export figures. While exports fluctuated across individual months, the sharp year-on-year decline recorded in November contributed to the overall reduction observed in July–November export receipts.

TDAP’s summary tables show that the decline in goods exports during November occurred alongside higher import payments, resulting in a wider trade imbalance. The goods trade deficit in November FY26 expanded to $2.855 billion, compared with $2.150 billion in November FY25, reflecting a 32.79% increase year-on-year.

On a cumulative basis, the goods trade deficit during July–November FY26 widened to $15.469 billion, up from $11.277 billion in the same period of the previous fiscal year, marking an increase of 37.17%, alongside lower export earnings and higher imports.

The Monthly Trade Report presents goods exports as an aggregate category covering merchandise exports across all sectors. The report does not provide sectoral explanations or qualitative assessments, focusing instead on value-based comparisons across months and cumulative periods.

Credit: INP-WealthPk