Positive economic development for Pakistan on exports front

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Positive economic development for Pakistan on exports front

Adviser to Prime Minister of Pakistan for Commerce and Investment, Abdul Razak Dawood, took to Twitter on Tuesday and announced that Pakistan’s exports have increased to $2.156 billion in November 2020 as compared to $2.011 billion in November 2019.

This November’s year-over-year comparison shows a 7.2 percent growth in export figures as per the Ministry of Commerce Data.

He wrote,

For the first 5 months of the current year, the exports have increased to $9.732 billion as compared to $9.545 billion over the same period last year. This has been due to hard work of our exporters, and they deserve praise for this accomplishment.

“I wish to congratulate our exporters that in these very difficult times with resurgence of COVID-19 cases in Pakistan & globally, our exports have increased by 7.2% in November 2020 over the same period last year”, said the Adviser, adding that the country has once again crossed the US$ 2 billion mark per month.

A.A.H Soomro, Managing Director at Khadim Ali Shah Bukhari Securities, while commenting on the exports said,

7% growth is good news and a promising trend. This ought to increase to double digits after a few months. Govt is belatedly realizing to put all heads together to fix the paralyzed export sector. Low energy prices, cheaper incremental electricity, quick refunds, and manufacturing focus is helping.

Soomro further added that,

Recently, the Export Promotion Board headed by the PM needs more involvement from the private sector to set up policies to double exports in 5 years. At 8% to GDP, exports are starting from a low base. Initial jumps need to translate into changing mindsets.

According to Pakistan Bureau of Statistics (PBS) data for export figures in the same month (Nov) of the past decade, Pakistan has shown almost a consistent increase. The figures for November 2011 show exports of $1.53 billion, which rose to approximately $1.66 billion by 2015 and increased to $2.02 billion by 2019.