Pakistan's Exports down by 54 percent amid Covid 19

Pakistan’s Exports down by 54 percent amid Covid 19

The global lockdown has had a huge impact on the export sector of Pakistan. Not only are the shipping routes closed but the clients have also declined to honor their commitments are refusing to receive orders and submit payments. As many as 7,000 export cargo containers are currently parked at Karachi ports with nowhere to go as global shipping has also come to a halt.

Pakistan’s exports are down to $957 million from $2.08 billion according to the data released by Pakistan bureau of Statistics.

On the positive side the data shows that imports have fallen to $37.905bn during the first 10 months of current fiscal year, down 16.50pc, from $45.393bn in the same period last year. This has helped to provide some relief to the foreign exchange of the country.

In a statement, Adviser to Prime Minister on Commerce Razak Dawood said the oronavirus has changed the world as we knew it and business processes will be completely different. He said such difficult times always bring out new opportunities, new products, new ways of thinking.

“This is a golden opportunity for Pakistan to pursue the ‘Make in Pakistan Policy’”, adviser said.