Exports back on track to pre-COVID levels as they cross $2 billion mark
Statesman Report
ISLAMABAD: Adviser to the Prime Minister for Commerce and Investment, Abdul Razak Dawood has said that the exports of the country have maintained the growth trend in October 2020.
‘Our exports have crossed the USD 2 billion mark after July 2020 and are back on track to pre-COVID- 19 levels. This is despite the contraction in our major markets due to COVID-19 and the uncertainty created by the recent resurgence of the COVID-19 pandemic’, he announced on his official Twitter handle.
Pharmaceutical exports
In another tweet, Abdul Razak Dawood has said that the Pharmaceutical exports from the country have gotten off to a good start this year.
Taking to his Twitter handle to make the announcement, he said that in value terms, the exports have grown by 22.6% in the first quarter (Q1) to USD 68.1 million as compared to USD 55.6 million in the corresponding period last year.
‘All this has been due to the hard work our Pharmaceutical exporters and a renewed focus on exports. I take this opportunity to express my gratitude to Dr. Faisal Sultan and his team for their valuable support to the Pharma Industrial Sector’, he added.
According to a Bloomberg report, the decision of the government to loosen the node on coronavirus pandemic restrictions early on has helped the country’s exports, which performed better than its regional counterparts.
Pakistan’s outbound shipments have grown at a faster rate than fellow South Asian countries including Bangladesh and India as textiles, which account for half of the total export, led the recovery.
“Pakistan has seen orders shifting from multiple nations including China, India, and Bangladesh,” said Shahid Sattar, secretary-general at the All Pakistan Textile Mills Association. “Garment manufacturers are operating near maximum capacity and many can’t take any orders for the next six months.”
The economic volatility amid the coronavirus pandemic has proved a boon for the country’s textile sector as a number of the world’s renowned apparel brands are shifting their orders to Pakistan.
Abdul Razak Dawood said that more and more brands are shifting to Pakistan. “We just heard that Hanes, Guess, Hugo Boss & Target have shifted orders from China to Pakistan. This is a good trend and I am very hopeful that this will continue. I hope that the exporters will capitalize on this opportunity,” he said.
Meanwhile, the country saw total shipments grow 7 percent in September, compared with New Delhi’s 6pc and Dhaka’s 3.5pc
According to the report, Prime Minister Imran Khan’s administration was the first in the region to ease pandemic restrictions, allowing export units to reopen in April, a month after locking them down to stem the spread of Covid-19.
Furthermore, the escalating tensions between global heavyweights US and China also aided Pakistan in grabbing some orders from companies looking to diversify their supply chains amid the trade war.
“This war between two giants has given us new opportunities in polyester-cotton products,” said Khalid Mehmood, head of garment and home textile operations at Nishat Mills Ltd.
“So there is a six-month slot for Pakistan now to capture maximum number of customer that were China based,” he added.