Trade deficit contracts 22.6pc in October

ISLAMABAD: A meeting of the Ministry of Commerce was held on Tuesday under the chairmanship of Advisor to Prime Minister on Commerce and Investment Abdul Razak Dawood to review the country import-export trends.

The meeting was informed that as per the provisional trade data for the month of October 2020, the country’s exports increased 2.1pc to $2,066 million as compared to $2,024 million in October 2019. On the import side, the country witnessed a contraction of 10.3pc, as imports fell from $4,074 million in October 2019 to $3,653 million in October 2020.

Based on the import-export data, Pakistan’s trade deficit shrank 22.6pc ($1,587 million) in October 2020, showing an improvement of $463 million over the same month of last year.

The adviser was briefed that during the July-October FY21 period, exports decreased marginally by 0.1pc. The exports during this period stood at $7,540 million as compared to $7,547 million in July-Oct FY20.

During the period under review, the country’s balance of trade declined 4.5pc to $7,424, as compared to $7,776 million last year.

The advisor expressed satisfaction at the export trends and praised Pakistani exporters for bringing the exports back to pre-Covid levels despite uncertainty and contraction in the country’s major markets.

Meanwhile, the meeting was also briefed on the trends of major exportable products. It was informed that during July-October FY21, an increase in export volume was witnessed mostly in the value added sectors. These included home textiles (10.0pc), women garments (20.8pc), jerseys & pullovers (35.3pc), made-up articles of textile (10.4pc), stockings & socks (19.2pc), cement (10.8pc), pharmaceutics (26.8pc), tarpaulins (66.8pc), and made-up clothing accessories (245.2pc).

On the other hand, exports in the non-value added sectors recorded a decrease during July-October FY21; cotton fabric (-8.0pc), cotton yarn (-40.1pc), worn clothing (-63.6pc), raw leather (-38.4pc), crude petroleum (-53.7pc), and cotton (-95.7pc).

The meeting was further briefed on the geographical spread and growth of exports. As compared to the same period last year, Pakistan’s top five growing markets during July-October FY21 remained Indonesia (39.3pc), Qatar (34.5pc), Denmark (24.9pc), S Korea (22.5pc) and Afghanistan (15.6pc).

The advisor hoped that Pakistan’s economy would continue with its upward recovery trend and directed the ministry officials to proactively facilitate exporters and businessmen. “No stone be left unturned to counter the effect of the second wave of Covid-19 in the country’s major markets.”

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    Haramzada Muhammad Rasool of Islam used to BUY and SELL Human beings in the open SLAVE markets !!

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