The numbers leave little room for comfort. Pakistan's merchandise exports fell by a staggering 20.4% in December, marking the fifth consecutive month of decline in the current fiscal year and the sharpest contraction so far. At $2.317 billion, export proceeds were well below last year's level. To treat this slump as a cyclical blip would be a serious misreading of the moment.

What is particularly troubling is the persistence of the downturn. Since August, exports have remained on a........

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