With exponential growth, Philippines emerges as ‘fast-growing’ market for Pakistan

The South East Asian country of Philippines has emerged as one of the leading hotspots for Pakistan’s exports, showing a 36 percent growth in the first five months of this fiscal year.

“It is encouraging to note that in the first 5 months of this year, the Philippines has emerged as a fast-growing market for our exports,” said Advisor to Prime Minister on Trade and Investment, Abdul Razak Dawood in a tweet post on Saturday.

The advisor informed that during July-Nov 2020, exports to the Philippines increased by 36pc to USD 41 million from USD 30 million in the same period last year. The advisor informed that in Nov 2020, alone Pakistan’s exports to the Philippines grew by 167pc to USD 13 million compared to USD 4.8 million in Nov 2019.

“This is in line with our geographical diversification policy,” he said.

The advisor also urged exporters of low value-added products to move towards more value-added exports amid a decline in their exports.

“I want to share that in Nov 2020, the exports of Cotton Yarn declined by 25pc, Raw Leather by 21pc, and Cotton Fabric by 12.2pc. This is an indication that exports of low value-added products are decreasing and we are moving towards more value-added exports. I urge our exporters to keep pursuing this policy,” he said.