Exports reached $32.1 billion in FY2025, but declined 6.8% to $30.13 billion in FY2026, highlighting the economy's inability to translate macroeconomic adjustments into sustained export growth. Why devaluation alone cannot deliver export growthSuccessive governments have relied heavily on currency depreciation to improve export competitiveness. Because Pakistan's export base remains narrow and dependent on imported inputs, devaluation often generates imported inflation rather than significant export expansion. Monetary stability must become export policyPakistan possesses considerable export potential through textiles, rice, agro products, pharmaceuticals, engineering goods and IT-enabled services. It also reflects years of monetary expansion that has consistently outpaced productive capacity.