Exports, imports fall

ISLAMABAD: Pakistan’s exports and imports continued their downward spiral in the first four months (July-October) of the current fiscal year of 2015/16, indicating that the country’s economy is shrinking.
Exports dropped 13.42 percent to $6.88 billion in July-October 2015/16 as compared to $7.95 billion in July-October 2014/15, showed the Pakistan Bureau of Statistics (PBS) data on Wednesday.
The data said imports slid 12.76 percent to $14.58 billion in the first four months from $16.71 billion in the corresponding period a year ago.
Analysts said this trend showed that economic activities slowed down and the country has low exportable products to offer in the international market. Trade deficit in July-October 2015/16 shrank 12.15 percent to $7.698 billion as against a deficit of $8.763 billion in the corresponding period of the last fiscal year.
In October, exports shrank 0.17 percent to $1.729 billion as against $1.732 billion in September 2015 and dropped 11.38 percent from $1.95 billion in October 2014.
Imports increased 12.65 percent to $3.926 billion in October 2015 as compared to $3.485 billion in September 2015, and were down 7.4 percent from $4.24 billion in October 2014.
The government has set an export target of $25.5 billion for the current fiscal year.
Last fiscal year, the exports were recorded at $25 billion. Pakistani exports are on the downward trend since the start of this financial year, which is a worrisome signal for the economy and balance of payments in a time when foreign inflows are not considerable.