Textile exports declined by 12.4 percent and information technology exports by 0.5 percent. Photo: Social Media
Karachi: The FPCCI attributed the current account surplus to the contraction in the economy.
President FPCCI Irfan Iqbal Shaikh said that Pakistan’s current account surplus for March 2023 makes no sense for the government to celebrate as it actually shows a massive economic contraction.
He added that the decline in imports would mean a further decline in industrial exports in the coming months and a further reduction in the ability to repay external debt on time.
Irfan Iqbal Sheikh said based on the latest trade data for the nine months of the current financial year i.e. July 2022 to March 2023, textile exports have decreased by 12.4 percent to $12.48 billion and information technology exports have decreased by 0.5 percent. 1.94 billion dollars have remained.
Also read: Pakistan’s current account deficit turned into a surplus
It should be noted that the average growth rate of 47% was achieved in IT exports for 2 consecutive years i.e. FY 2021 and FY 2022.
President FPCCI Irfan Iqbal Shaikh said that as far as the total exports of Pakistan are concerned, they have decreased to only 21.046 billion dollars as compared to 23.35 billion dollars in the same period last year, which means that we have 2.304 billion dollars in exports for the year, which reflects a large decrease of 10% instead of growth in exports and it is difficult for the business community to understand that the economic team of the government is taking steps to promote economic contraction and recession. What to celebrate after getting current account surplus through
Irfan Iqbal Sheikh reiterated his position that the only way to save the social, economic and political fabric of the country from complete destruction is to protect trade and industry so that revenues, exports and employment opportunities can be maintained. .
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