Pakistan’s exports take a hammering, decline over 19pc in August

The record-shattering monsoon rains took a toll on Pakistan’s exports after the country’s exports for the month of August dropped by 19.5 percent as compared to August 2019.

Advisor to Prime Minister on Trade Abdul Razak Dawood in a series of tweets on Thursday said that the significant decline was due to the unprecedented monsoon rains, which resulted in disruption of the supply chain.

“However, the positive sign is that regardless of this temporary decline, our trade balance continues to improve. Exporters are encouraged that despite the calamity of rain and flooding, we must pursue Make in Pakistan policy and export-led growth,” said Dawood.

“I have every confidence in our exporters that they will make up for the loss of August 2020,” he added.

Dawood had earlier highlighted that the rains would affect the country’s exports for the month of August owing to a delay in export consignments. “It appears that because of the heavy rains, particularly in Karachi, our export consignments are being delayed and hence our exports for the month of August may be affected,” tweeted Dawood.

Pakistan Bureau of Statistics (PBS) is expected to release provisional foreign trade figures within the next few days. However, the detailed foreign trade figures which are released during the third week of each month will unveil the sectors which are effected in August 2020.