Exports fell by over seven per cent in the first month of this fiscal year from this time last year.
In absolute terms, the export proceeds fell to $1.93 billion in July 2014, from $2.095bn in the same last year, suggested Pakistan Bureau of Statistics data released on Saturday.
The decline was despite the fact that the government had announced an incentives package in the budget 2014-15 for export promotion, effective from July 1.
The export proceeds have been witnessing a downward spiral since April 2014 despite having a duty- free access to the 28-member European Union.
Commerce Minister Khurram Dastgir Khan said that one of the reasons for decline in export proceeds was the closure of the ports for nearly 11 days. “The commerce ministry is working on a comprehensive plan to increase the exports to $50bn by 2018 and the prime minister will soon be given a presentation on the plan”, he informed.
