Prime Minister’s Advisor for Commerce and Investment announced that Pakistan’s exports have finally crossed the $2 billion mark after July 2020 following months of low exports primarily due to COVID-19.
Since then the exports have continued to increase as the industry resumes its full operations. The exports have now reached Pre-Covid levels as per the statement.
The exports are growing despite the challenges posed by COVID-19 which is a good sign as the exports will boost Pakistan’s economy. In comparison, Pakistan’s exports were $22,958 million in 2018-19 whereas they decreased to $21,394 million in 2019-2020.
The increase in exports may be attributed to the relaxation of restrictions imposed by the government due to COVID-19. Since Pakistan beat the first wave quite well as compared to other countries where the virus is still going strong, it has seen more investment and setup of production houses of international brands as well.
Samsung has also decided to set up an assembly plant in Pakistan as well. This is the prime time for Pakistan to expand its export base as it has the potential to be the hub for production offering cheaper labor as compared to other countries.
Experts also believe that will continue to increase over the next year.
Image Source: Investopedia
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