KARACHI: Pakistan’s recently achieved current account surplus, because of fewer imports due to Covid-19, is facing the risk of turning into deficit once again due to likely fall in exports in the month of August.
Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood tweeted on Wednesday, “It appears that because of heavy rains, particularly in Karachi, our export consignments are being delayed, hence, exports may be affected in August. Any difficulties faced by the exporters may please be brought to the notice of MOC [Ministry of Commerce]”. He also asked exporters to brought to the Ministry of Commerce’s notice any difficulties they faced in this regard.
It appears that because of the heavy rains, particularly in Karachi, our exports consignments are being delayed and hence our exports for the month of August may be affected. Any difficulties faced by the exporters may please be brought to the notice of the MOC. @ImranKhanPTI
— Abdul Razak Dawood (@razak_dawood) August 26, 2020
According to reports, the roads of the port city had turned into waterways after frequents light to heavy rainfall for 12 hours paralysing normal life. Most of the main roads and streets in Karachi looked like were flooded after the rainfall and reportedly three to four feet of water accumulated in North Karachi, Nazimabad, Nagan Chowrangi.
“The improvement in trade was not a real achievement rather it was an accidental one; the government celebrated the surplus and now rain is a good excuse for it to save itself from embarrassment, which it will face once the trade figures are out,” a trade expert said while speaking to media.