From trade resilience to sustainability
Improved current account, forex reserves provides room to boost investment, exports
KARACHI:
Statistics of trade, exports and imports, as well as manufacturing activities in Pakistan speak volumes about the revival of national economy at a time when the pandemic is raging throughout the world.
Although the number of confirmed Covid-19 cases in Pakistan is closing in on the one million mark and deaths surpassing 22,000, the measures undertaken by various government agencies to revive the economy post-lockdown in March 2020 ensure that the economy is able to cope with the challenges. Pakistan experienced a revival in its trade figures in FY21.
Keeping export recovery sustainable
PHOTO: FILE
KARACHI:
Exports are likely to cross $24 billion in current fiscal year 2020-21, which will be $2.7 billion more than the export value reported in FY 2019-20 and $1 billion more than the amount reported in 2018-19, according to data extracted from the Pakistan Bureau of Statistics (PBS).
Exports increased by 14.05% from July 2020 to May 2021 compared to the same period of previous fiscal year. The recovery in exports in the midst of a pandemic speaks volumes about the efforts made by the government to ensure that a crucial source of foreign exchange earnings keeps flowing.
According to a recent press release of UNCTAD, global trade has recovered faster from the lull observed during the pandemic than it did in the last two recessions reported in 2009 and 2015.
Trade figures published by the Pakistan Bureau of Statistics (PBS) in early January reveal a further increase in both exports and imports in December 2020
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