Govt misses export target for FY2022-23

The federal government missed the export target for the fiscal year 2022-23 as the Pakistan Bureau of Statistics (PBS) released the statistics today, ARY News reported.

According to the PBS, the country’s exports stood at $27.74 billion in the fiscal year 2022-23, whereas, the target was $32.35 billion. The country witnessed a drop of 12.71% in exports as compared to the previous fiscal year.

The country’s import remained $55.29 billion in FY2022-23, whereas, the import target was $66.40 billion. On an annual basis, the import rate was reduced up to 31% as compared to the previous fiscal year.

READ: Ahsan Iqbal calls for collective efforts to increase exports

The trade deficit remained $27.54 billion in FY2022-23 while the deficit target was $34 billion, witnessing a reduction of 43.03%.

As compared to June 2022, exports dropped by 18.72% and remained at $2.36 billion in June 2023. In June 2022, the exports stood at $2.91 billion.

The total volume of imports was $4.18 billion in June 2023 and the trade deficit was $1.81 billion.

READ: Ishaq Dar unveils federal budget for FY 2023-24 with total outlay of 14.5tr

In June, Finance Minister Senator Ishaq Dar had said that the federal government has prioritised to enhance exports in the budget 2023-24.

While addressing an event in Islamabad today, Ishaq Dar said that Pakistan will have to resolve its own issues as a nuclear power.

He said that the government would accept recommendations regarding the budget and two committees were formed to remove the flaws. He added that the new budget is based on steps towards economic stability.

Dar said that budget 2023-24 was not an election budget or a 45-day budget but steps were taken to stabilise the national economy. “In 2017, Pakistan became 24th biggest economy globally but it fell down to 47th due to poor performance of the previous government.”

“People were talking about the bankruptcy of Pakistan but we made difficult and unpopular decisions to improve the economy. We will have to think beyond the personal interests for the development of the country.”