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Pakistan’s exports during the month of September jumped by six percent to $1.872 billion, a tweet published by the Adviser to PM on Commerce and Investment showed on Friday.
“Alhamdolillah, the export figures for September 2020 have shown improvement. As compared to September 2019, our exports have grown 6pc to $1.872 billion. Although this is better than a decrease of 15pc in August 2020, I still feel that with sufficient backlog of orders we can do much better,” the adviser said.
Besides executing current orders I urge the exporters to pursue more orders from existing markets and reach out to untapped markets. I am hopeful that in October 2020 we will have further growth, he added further.
Pakistan’s export growth has stalled since February of this year mainly on account of the Covid-19 related lockdowns inside and outside of the country. Pakistan’s major export destinations like Europe and North America have seen prolonged lockdowns sharply reducing the import orders from Pakistan.
Europe and North America are the top destination for Pakistan’s textiles exports.
The government is currently working on moves to increase exports through selling cheap energy to export-oriented industries, zero rating and other measures to help boost the export sector.
Meanwhile, the State Bank of Pakistan has also announced cheap loans for the country’s businesses to help them increase their capacity and sustain production in these trying times.
The State Bank’s in the form of Long-Term Financing Facility also helped businesses sail through the Covid shock.
In addition, exporters borrowing subsidised loans through the Export Financing Scheme (EFS) under Part-II are bound to show at least two times matching export performance against the financing availed during FY 2019-20.
The SBP, in view of the Covid-19 reduced this to 1.5 times. Likewise, the export performance requirement for FY 2020-21 will also be 1.5 times.