Adviser to Prime Minister on Commerce Abdul Razak Dawood, while sharing the trade data for July 2020, said that Pakistan’s exports had increased by 5.8% in July, as compared to the same month of last year.
Sharing the stats on twitter, the Adviser marked it as a great achievement considering the last four months. Since March 2020 Pakistan was witnessing a decline in exports due to the COVID-19 crisis.
In terms of dollars, the country’s exports increased from $1.88 billion in July 2019 to $1.99 billion in July 2020, the adviser said through twitter.
In spite of the fact that we still have Covid related smart lockdowns, our export-led ‘Make in Pakistan’ is moving forward. I wish to congratulate all our exporters on this remarkable achievement and hope this trend will continue to accelerate. 2/2
— Abdul Razak Dawood (@razak_dawood) August 4, 2020
“In spite of the fact that we still have COVID related smart lockdowns, our export-led ‘Make in Pakistan’ is moving forward. I wish to congratulate all our exporters on this remarkable achievement and hope this trend will continue to accelerate,” said the Adviser.
A.A.H Soomro, managing director at Khadim Ali Shah Bukhari Securities told ProPakistani,
The export growth is a good omen despite contracting global economy. It could be pent up demand but we can get competitiveness as other economies are still locked down, our currency has fallen & energy costs have come down after government approved cheaper energy prices for a year. This is the only way out for sustainable economic growth.
Pakistan’s imports from other countries also reduced by 4.20% to $3.54 billion during the first month of the new fiscal year i.e. July 20 FY20-21 as compared to $3.69 billion in July 2019.
During the first month of the fiscal year 2020-21, the country’s trade deficit decreased by 14.70% from $1.80 billion to $1.54 billion. The decrease in trade deficit can largely be attributed to a fall in imports, which recorded a decline of 4.20% during July 2020.
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