ISLAMABAD - Federal Finance and Revenue Minister Senator Mohammad Ishaq Dar said here on Monday that export industry was one of the highest priorities of the government. “Export Industry is one of Highest Priority of our government. Five (previously) zero rated export oriented sectors and all other exporters will be given complete facilitation for import of raw material, parts and accessories to meet their export requirements,” tweeted the finance minister. The finance minister tweeted at a time when the country’s exports are continuously declining despite massive currency depreciation and relief package given to the export oriented sector. The latest data of Pakistan Bureau of Statistics (PBS) showed that the exports during first half (July-December) of the current fiscal year (2022-23) were recorded at $14.249 billion against the exports of $15.125 billion in JulyDecember of 2021-22, showing a decline of 5.79 percent. On a year-on-year basis, the exports witnessed a decline of 16.64 percent and were recorded at $2.304 billion in December 2022 against the exports of $2.764 billion in December 2021. According to the ministry of finance, several factors are contributing in low exports for goods including continuously downward trend in cyclical position of the main trading partners, the underlying growth trend in those countries remained bleak during 2022. Second, REER low level has implied price competitiveness for exports which cannot provide desired dividends to exports due to high RPI. Third, the domestic economic dynamism remains uncertain. Fourth and important risk factor is geopolitical tensions, Russia-Ukraine conflict which elevated the risks for Pakistan’s economy in terms of high international prices and significant pressure on external and fiscal accounts. Hafiz Naeem threatens to stage protests across Karachi if LG polls' results delayed
The Nation, 17 Jan, 2023