Pakistan’s exports to 10 countries decline

ISLAMABAD: Though the export industry performed well during first half of current financial with growth of 4.9 percent, yet there are 10 markets where to country's exports declined particularly exports to the UAE (United Arab Emirates) tumbled by 22 percent to $474 million during July-December 2020-21 from $607 million in the corresponding period of last financial year.

So much so the exports to Saudi Arabia have gone down by 8.2 percent to $199.73 million from $217.46 million in the same period in 2019.

While commenting on the development, Adviser to PM on Commerce and Investment Abdul Razak Dawood said that top officials of the Commerce ministry have put their heads together on the decline of exports to 10 countries and are devising the strategy with the trade and commercial attaches in the embassies in the respective countries to increase the exports.

According to the data available with The News, Pakistan’s exports to Sri Lanka also went down by 18.2 percent to $310.64 million during the six month of 2020 from $379.65 million in the same period in 2019.

Likewise, the exports to Thailand climbed down by 47 percent from $115.69 million to just $61.14 million.

The data also unfolds that exports to Malaysia remained in the negative zone by 29 percent. The exports to Malaysia reduced from $124.97 million to $89.28 million.

The exports to Spain also remained in the negative zone to $444.71 million from $480.32 million showing a decline by 7.4 percent. And the country’s exports to Yemen went down by 46 percent, Madagascar 47 percent and Djibouti by 53.3 percent.

However, the exports to China increased by 18.4 percent to $1.047 billion in July-December 2020, from exports of $974.5 million during same period in 2019, showing the trade under FTA-II has started yielding results despite Covid-19.

And the exports to the USA in the same month surged by 18.4 percent, UK 20.8 percent, Germany 15.1 percent, Netherlands 12.19 percent, and to Indonesia by 39.2 percent.

The PM’s adviser said the massive increase to Indonesia is the result of a decision taken by the Indonesian government, which unilaterally facilitated Pakistan and extended reduction in duty on 20 items. “Indonesia has been fair to Pakistan.”

Likewise, the country’s exports to Denmark went up by 22.8 percent, Poland 16.3 percent, Australia, 19.1 percent and Philippines by 40 percent.