Pakistan has faced a misfortune in the face of losing over $3.5 billion in the first eight months (July-Feb) period of the current fiscal year. There were visible efforts that were being made to restore the national economy to its original state, this catastrophe was stuck due to the nosedive Pakistan took in its made-ups’ exports in terms of quantity in major export-oriented sectors.
$3.5 billion additional amount could have been obtained in export receipts during the current fiscal year if Pakistan had managed to handle exports of the same quantity it had exported during the last fiscal year. Pakistan’s exports fetched $16.32 billion during July-February, 2020-2021 against $15.63 billion during the corresponding period of last year, showing an increase of 4.42pc.
The ready-made garments exports faced reduction of 37 percent in quantity, so financial losses are estimated at $1.174 billion. The global prices have gone up by 62.4 percent. The synthetic textile has witnessed a decline of 66.5 percent, so its financial cost is estimated at $455.9 million in first eight months of the current fiscal year. Although, the global prices of synthetic textile have witnessed an increasing trend of 196.2 percent. The carpets and rugs exports faced decline by 35 percent, so in financial terms it caused a loss of $25.7 million. The global prices of carpets and rugs have gone up by 65.2 percent. The exports of footballs faced decline in quantity by 38.2 percent, so it caused financial loss of $38.2 million. The exports of gloves faced a decline by 26.5 percent, so it failed to fetch $15.5 million in the first eight months of the current fiscal year.