Says imports dropped by 20pc: Trade balance improves by 20.6pc
\nour correspondent
\nISLAMABAD
\nThe exports for the month of August have recorded a downfall of 19.5 percent in dollar value terms, as compared to the same period last year.
\nAdvisor to the Prime Minister on Commerce and Investment, Abdul Razak Dawood said this on Thursday while chairing an internal review meeting here at the Ministry of Commerce .
\nThe advisor hoped that the exports would begin to recover in September as normalcy should return to Karachi. He noted that although exports have temporarily fallen, the trade balance continues to improve.
\n\u201cExporters are encouraged that despite the calamity of rain and flooding, we must pursue \u2018Make in Pakistan\u2019 and export led growth\u201d, stated the advisor. \u201cI have every confidence in our exporters that they will make up for the loss in the subsequent months\u201d, he added.
\nDawood directed that the Ministry of Commerce must resolve the issues of the exporters on war-footings in these unprecedented times.
\nThe meeting was told that imports have also dropped by 20 percent, in dollar value terms, during August 2020 as compared to August 2019. Similarly, the overall trade balance has improved by 20.6 percent in August 2020, as compared to the same month last year.
\nDespite the decline in August, some of the products, like tractors, iron and steel, chemicals and cement have posted a growth of 186 percent, 100 percent, 90 percent and 30 percent respectively, in dollar value terms, as compared to August 2019.
\nIt 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.
\nPower 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. <\/p>\n","protected":false},"excerpt":{"rendered":"
Says imports dropped by 20pc: Trade balance improves by 20.6pc our correspondent ISLAMABAD The exports for the month of August have recorded a downfall of 19.5 percent in dollar value terms, as compared to the same period last year. Advisor to the Prime Minister on Commerce and Investment, Abdul Razak Dawood said this on Thursday […]<\/p>\n","protected":false},"author":2,"featured_media":118262,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-142344","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n