Inside Financial Markets
Exports reach historic high in Dec 2020: Razak Dawood - Inside Financial Markets

Exports reach historic high in Dec 2020: Razak Dawood

– Associated Press of Pakistan

Adviser to the Prime Minister on Commerce and Investment, Abdul Razaq Dawood has expressed his satisfaction that the exports in December 2020 have increased by 18.3% percent to $ 2,357 million as compared to $ 1,993 million in December 2019, showing an increase of $364 million.

The Adviser said this was the highest export ever in the previous month of December 2020.

He chaired a consultative meeting which was held at the Ministry of Commerce (MOC), to review the trends in the provisional (pre-PBS) export figures till the month of December 2020, said a press release issued by Minstry of Commerce here.

He said that the export figures showed the resilience of the economy of Pakistan and was a vindication of the government’s policy to keep the wheels of economy running during COVID-19 pandemic. The 6-months’ performance of exports was also discussed in the meeting.

He was briefed that in December 2020, an increasing trend has been witnessed in the export of value-added and non-traditional products including Tobacco and Cigarettes (212.2%), Ethyl Alcohol (128.6%), Stockings and Socks (49.8%), Home Textiles (38.1%), Women’s Garments (37.8%), Jerseys and Cardigans, (37.3%), Gloves (25.5%), T-shirts (16.9%), Rice (15.5%) and Fruits and Vegetables (13.4%) as compared to December 2019.

He was also informed that decreasing trend was noted in export of mostly non-value-added products like Cotton (-93.3%), Dry Fruit & Nuts (-78.5%), Maize (-61.2%), Plastics (-41.4%), Cement (-8.5%) and Raw Leather (8.5%).

The meeting was informed that geographically, in December 2020, exports increased to Indonesia (151.6%), China (92.5%), Russia (63.2%), United Kingdom (46.9%), Germany (37.6%), Netherlands (37.5%), Belgium (32.8%), Australia (30.5%), Poland (27.9%) and the United States (27.2%).

There was decrease in exports to Kenya (-40.5%), South Korea (-38.8%), Thailand (-24.0%), Japan (-22.3%), Bangladesh (-20.3%), Sri Lanka (-19.9%), United Arab Emirates (-10.5%) and Afghanistan (-5.1%).

The Adviser was informed that the provisional (pre-PBS) export data for the period July-December 2020 showed that the exports increased by 4.9%, from USD 12,104 million as compared to USD 11,533 million during the same period last year.

This is despite the uncertainty and contraction in Pakistan’s major market caused by the COVID-19 pandemic. During July-December 2020, the exports of value-added and non-traditional products increased especially in Clothing Accessories (242.3%), Food preparations (120.9%), Tobacco and Cigarettes (84.5%), Tents and Canvas (57.5%), Jerseys & Cardigans (33.1%), Stockings & Socks, (27.2%), Pharmaceuticals (25.1%), Women’s Garments (22.2%), Home Textiles (16.1%), Ethyl Alcohol (14.1%) and Textile Made-up (8.9%) as compared to the same period last year.

He was informed that as compared to the same period in the previous year, during July-December 2020, the export decrease was observed in mostly non-value added products, such as Cotton (-96.1%), Maize (-47.3%), Raw Leather (-30.8%), Cotton yarn (-26.0%), Cotton Fabric (-7.8%) and Plastics (-6.1%).

Mr. Dawood was informed that geographically, During July-December 2020, Pakistan’s Top ten markets on the basis of export growth are Philippines (39.7%), Indonesia (39.2%), Denmark (22.8%), United Kingdom (20.8%), Australia (19.1%), United States (18.4%), Poland (16.3%), Germany (15.1%), Netherlands (12.9%) and China (7.5%) as compared to the same period last year.

He was further informed that compared to last year, the markets showing declining exports in the July-December 2020 were Thailand (-46.9%), Yemen (-45.7%), Malaysia (-28.6%), Sri Lanka (-25.9%), United Arab Emirates (-21.9%), Bangladesh (-18.2%), Saudi Arabia (-8.2%) and Spain (-7.4%).

Dawood, while expressing his satisfaction with the export performance, advised the officials of the MOC that much more needs to be done.

Dawood paid glowing tributes to Pakistan’s exporters for this performance during testing times and urged them to aggressively focus on capturing a larger share of international exports. He said that exporters are Pakistan’s asset and he values them greatly.

Syed Zaki Hussain

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