Engineering Post Report
Pakistan’s export sector was grappling with a multitude of challenges. These included soaring energy prices, low credit extended due to the highest ever policy rate, delayed refunds, scarcity of raw materials, termination of regionally competitive energy rates and a global decline in demand, despite the significant depreciation of the local currency.
The performance on the exports front witnessed a decline of 14 percent and stood at US $ 23211 million during July-April FY 23 compared to US $ 26858 million in the same period previous year. Exports for FY23 were estimated to be around US $ 28013 million against the target of US $ 32357 million.
According to data available from State Bank of Pakistan sources, the country’s textile group had declined by around 6.5 percent during the first ten months of financial year 2022-23 and remained at US $ 14111 million as compared to US $ 15093 million during the same period of the previous year. All categories of textile exports were observed suffering from declining trends except Raw Cotton and Tents which had increased by 92 % and 19 % respectively during the period under report.
More about different sectors export performance later on, please.