Abdul Razak Dawood urges exporters to penetrate new markets

ISLAMABAD: Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood said Tuesday that product and market diversification is the key pillar of the Ministry of Commerce’s Strategic Trade Policy Framework (STPF).

In a series of tweets, he said the ministry conducts a periodic analysis of the degree of diversification by comparing exports during the ongoing financial year (FY) with those of the preceding years.

Also Read: Silk Route Reconnect raises Pakistan’s exports to Central Asia: Dawood

According to the analysis for Jul-Dec 2021, in terms of product diversification, Pakistan’s exports of “Non-Traditional Products” increased by 81% or $1.4 billion in the traditional markets and by 100% or $491 million in the non-traditional market as compared to the same period of FY2017-18.

“In terms of Market diversification, the exports of “Traditional Products” increased by 4% / $ 79 million for the same comparison,” Razak said.

Also Read: Pakistan’s exports rise by 25% in first half of FY2022

“Of the total increase of $ 4.2 billion, the share of Product & Market diversification in the increase accounted for 40% [$ 2 billion]. The details may be seen in the table shared with the tweet. This is a healthy development and our diversification policy is on track.”

Product & Market diversification are the key pillars of MOC’s Strategic Trade Policy Framework (STPF). MOC conducts periodic analysis of degree of diversification by comparing exports during current Financial Year (FY) with exports during preceding years.
1/5 pic.twitter.com/FzRpzcURZz

— Abdul Razak Dawood (@razak_dawood) January 18, 2022

He urged exporters to focus on product development and penetration of new markets in order to fetch better prices and overall increase in the country’s exports.