Pakistanexports of goods and services to Turkey decreased by 2.56% on an annual basis during the first two months of the current fiscal year, says in media reports. Exports to Turkey during July and August 2022-23 amounted to US$61.354 million, down from US$63.161 million in the same period of the previous fiscal year. The report also showed that Turkey exports to Pakistan declined by 8.99% year-on-year in August 2023, from US$32.815 million to US$29.863 million. Overall, Pakistan  exports to other countries decreased by 8.26% in the first two months of FY2022- 23, from US$4.951 billion to US$4.541 billion.

The decline in exports to Turkey is a concern, as Turkey is a major trading partner of Pakistan. The two countries have a Free Trade Agreement (FTA) in place, which provides for preferential tariffs on a wide range of goods. The reasons for the decline in exports are not clear, but it is likely due to a combination of factors, including the global economic slowdown, high inflation in both countries, and the ongoing war in Ukraine. The government of Pakistan is taking steps to boost exports, including providing subsidies to exporters and reducing bureaucratic hurdles. However, it is important to address the underlying factors that are causing the decline in exports in order to achieve sustainable export growth.

Credit: Independent News Pakistan (INP)