Islamabad: Advisor to the Prime Minister on Commerce Abdul Razak Dawood has stated that Pakistan’s exports are expected to recover in September after witnessing a decline in August on account of the economic disruption caused by the heavy, local influx of torrential rains, according to a news report published today (September 4).
Dawood was chairing a meeting to discuss the latest trade figures and noted that even though the exports had declined in August (year-on-year), so had the current account deficit. Pakistan’s export decline 19.5% during August at USD 1.6 billion as against USD 1.97 billion in August 2019. However, the imports also dropped by 20% to USD 3 billion as against USD 3.7 billion in last year’s August. As a result, the trade deficit has also declined by 20.6%.
Even more encouragingly, as per the data released by the Ministry of Commerce, the exports of products such as tractors, iron and steel, chemicals and cement have grown by 186%, 100%, 90% and 30% respectively as against the figures of August 2019.
