October exports grow 2.1pc rebounding to 'pre-COVID level'

ISLAMABAD: Prime Minister’s aide on commerce and industries Abdul Razak Dawood chaired a meeting on Tuesday to review the current export trends, noting a 2.1 per cent jump in October exports, ARY News reported.

According to the press statement following the meeting, the advisor was informed that as per the provisional trade data for the month of October 2020, the exports stood at US$ 2,066 million as compared to US$ 2,024 million in the corresponding period last year.

Razak was apprised by the ministry on the imports during the same period underscoring a contraction of 10.3% as imports have decreased from US$4 billion to US$3 billion in October 2020.

The trade deficit given the stats shrank by -22.6pc in October 2020 to US$ -1,587 million, showing an improvement of US$463 million over October 2019.

During July to October period in the current year, however, the exports decreased only marginally by -0.1pc.

The exports during this period stood at US$7,540 million as compared to US$7,547 million during the same period last year, the meeting apprised.

He was informed during the July to October period this year, the balance of trade witnessed a decline of -4.5pc to US$7,424 as compared to US$7,776 million last year.

…significant improvement of during the same period as compared to corresponding period last year.
Our exporters deserve all the credit and praise for making this possible despite facing the uncertainty and contraction in Pakistan’s major markets. 2/2

— Abdul Razak Dawood (@razak_dawood) November 3, 2020

The Advisor expressed his satisfaction at the export trends and praised Pakistan’s exporters whose contributions made possible the exports to rebound to pre-COVID-19 levels despite uncertainty and contraction in Pakistan’s major markets.