Prime Minister’s Advisor for Commerce and Investment announced thatPakistan’s exports have finally crossed the $2 billion mark after July 2020following months of low exports primarily due to COVID-19.
Since then the exports have continued to increase as the industry resumesits full operations. The exports have now reached Pre-Covid levels as perthe statement.
Alhamdolillah, our exports have maintained the growth trend in October2020. Our exports have crossed the 2 billion mark after July 2020 and areback on track to pre-COVID- 19 levels. This is despite the contraction inour major markets due to COVID-19 and… 1/2
— Abdul Razak Dawood (@razak_dawood) November 2, 2020link
The exports are growing despite the challenges posed by COVID-19 which is agood sign as the exports will boost Pakistan’s economy. In comparison,Pakistan’s *exports*linkwere$22,958 million in 2018-19 whereas they decreased to $21,394 million in2019-2020.
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The increase in exports may be attributed to the relaxation of restrictionsimposed by the government due to COVID-19. Since Pakistan beat the firstwave quite well as compared to other countries where the virus is stillgoing strong, it has seen more investment and setup of production houses ofinternational brands as well.
*Samsung *linkalso decided to set up an assembly plant in Pakistan as well. This is theprime time for Pakistan to expand its export base as it has the potentialto be the hub for production offering cheaper labor as compared to othercountries.
*Experts *linkbelieve that will continue to increase over the next year.
