For the sixth consecutive month, the country’s exports have declined, with a drop of 8.65% in the first eight months (July to February) of 2022-23. The total exports for the period were recorded at $18.79 billion, compared to $20.57 billion in the same period last year. This indicates that the government will find it difficult to achieve the export target for the current fiscal year.
Moreover, imports dipped 31.51% to $4.009 billion in February compared to $5.831 billion in the same month last year. This is the lowest level of imports since May 2020 and is attributed to the decrease in global demand due to the COVID-19 pandemic.
The decline in exports is a cause for concern as it could have a negative effect on the country’s economic growth. The government has taken several measures to boost exports, such as introducing export incentives and providing access to credit for exporters. However, these measures have not been enough to offset the impact of the pandemic on global demand.
The government has also taken steps to reduce imports by increasing customs duties and introducing import restrictions on certain items. These measures have helped to reduce the trade deficit, which stood at $14.78 billion in February, down from $15.99 billion in the same month last year.
The government is now focusing on increasing domestic production and promoting local industries to reduce reliance on imports and boost exports. It is also working on improving infrastructure and logistics to make it easier for exporters to access global markets.
In conclusion, while the decline in exports is a cause for concern, the government is taking steps to reduce imports and increase exports. It remains to be seen whether these measures will be enough to offset the impact of the pandemic on global demand and help the country achieve its export target for the current fiscal year.