Declining exports trend to put more pressure on foreign reserves: PIAF


The Pakistan Industrial and Traders Associations Front has stressed the need for putting the economy on a balanced and sustainable growth trajectory by providing incentives to the industry through smooth energy supply at competitive rates, addressing the underlying structural vulnerabilities, as country’s overall export proceeds continued to shrink for the fifth consecutive month in a row.

According to the press release, PIAF Chairman Faheem ur Rehman Saigol said that the drop shows the government would find it difficult to achieve the export target this fiscal year, leading to more pressure on foreign exchange reserves of the country.

He observed that the drop in textile and clothing exports is gaining momentum over the past five months owing to multiple factors including high energy costs, stuck-up refunds and a slump in global demands despite the massive depreciation of the rupee.—INP