KARACHI: Businessman Panel of the FPCCI on Thursday expressed serious concern over falling exports terming it highly detrimental to the future of the country which has started its journey to the development under Prime Minister Nawaz Sharif.
Immediate steps should be taken to contain falling foreign trade lest it compromise all the steps taken by the incumbent government to revive economy, said central leader of the Businessman Panel and former vice president FPCCI Khurram Sayeed. Talking to the business community, he said that all sectors of the economy continue to show positive indicators except for exports, the main foreign exchange earner, which can leave Pakistan bankrupt.
He said that country lost Rs 184 billion in rice exports only while the other sectors have demonstrated dismal performance. Khurram Sayeed lashed out at the performance of the economic and export managers who are unaware of the international market and latest trends.
Private sector is being made to pay billions in the name of export promotions which are used to buy loyalties, he said, adding that major chunk of the export fund is paid by textile sector but it gets almost nothing in return. Sixty percent of the exports from Pakistan remain confined to ten countries which reflects badly on the performance of those entrusted to boost national exports, he noted.
The exports of manufactured products is down from 78 percent to 60 percent, exports of merchandise is down by 10.68 percent while import bill is swelled by two percent which is unacceptable. The overall exports have gone down by almost five percent demanding immediate attention of the policymakers, said Sayeed.