Pakistan performing well than India and Bangladesh in exports?

ISLAMABAD, August 9 (Online): Leader of the business community and former President ICCI Shahid Rasheed Butt on Sunday lauded the government and the exporters for performing exceptionally well as compared to India, Bangladesh and other countries in exports.

Despite dropping international trade due to the coronavirus, Pakistan exports for the month of July jumped by 5.8 percent while Indian exports fell by 13.7 percent while exports from Bangladesh dipped by 17 percent.

Shahid Rasheed Butt said that it seems a miracle when the whole world is struggling to boost their productivity Pakistan has pulled back from a 54 percent dive in April, a 35 percent decrease in May and a six percent plunge in June.

He said that Pakistan overall exports jumped by 5.8 percent while the textile increased have increased by 14.3 percent which is a record for which the Credit goes to PM, his team and our resilient export sector.

The business leader said that increased exports is a very encouraging trend which must be preserved and protected as we can gain more as the threat of virus normalizes as many rival countries may not be in a position to cater to the needs of western buyers.

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He demanded of the government to make sure that all measures that contributed to this positive development are maintained and strengthened.

The IMF has just projected that a decline in remittances is set to bring many hardships to countries just Pakistan where such inflows represent more than five percent of the GDP.

He said that remittances have been contributing about as much to the national kitty as export earnings the IMF warning should ring some serious alarm bells in Islamabad as joblessness rises in countries where most Pakistani expatriate workers live.

Migrants are among the first to be laid off, since the axe of unemployment is far more likely to fall on migrant workers before native ones, he said.

A World Bank report for 2020 has also forecast an average 20 percent fall in remittance flows this year which should be taken seriously as Pakistan is facing difficulty in arranging oil on deferred payment.

Therefore, he said, the government should leave no stone unturned in trying to diversify our export basket and finding new trade destinations.

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