ISLAMABAD: The Adviser to Prime Minster on Commerce and Investment, Abdul Razak Dawood directed Ministry of Commerce to resolve the issues of the exporters on war-footings in these unprecedented times.
“Exporters are encouraged that despite the calamity of rain and flooding, we must pursue Make in Pakistan and export led growth”, stated the Adviser.
He expressed these views during internal review meeting at Ministry of Commerce, said a press release issued by Ministry of commerce here.
“I have every confidence in our exporters that they will make up for the loss in the subsequent months”, he added. Talking in the meeting, the Adviser hoped that the exports would begin to recover in September as normalcy should return to Karachi.
The adviser noted that although exports have temporarily fallen, the trade balance continues to improve.
During internal review meeting, it discussed that the overall trade balance has improved by 20.6% in August 2020, as compared to same month last year. They also discussed that the exports for the month of August 2020, have recorded a downfall of 19.5%, in Dollar value terms, as compared to the same period last year.
Similarly, during the same month, the imports have also dropped by 20%, in dollar value terms, as compared to August 2019.
Despite the decline in August, some of the products, like tractors, iron and steel, chemicals and cement have posted a growth of 186%, 100%, 90% and 30% respectively, in dollar value terms, as compared to August 2019. It was told in the meeting that due to heavy rains in the country, there were some delays in obtaining and analyzing the data.
It was further discussed in the meeting that the rains and consequential urban flooding, particularly in Karachi, caused significant problems in the existing infrastructure, disrupting the supply chains and affecting the exports for the month of August.
The Power outages, slowdown in business activities, delays in transportation and hampering of port operations are some of the issues faced by the exporters due to unprecedented monsoon rains in the country.