Exports in August dropped by 19.5% due to monsoon rains

KARACHI: Exports for the month of the last month have recorded a downfall of 19.5 percent, in dollar value, as compared to the same period last year.

During the same month, the imports also dropped by 20 percent as compared to August 2019. Similarly, the overall trade balance has improved by 20.6 percent in August 2020 compared to the same month last year.

Despite the decline in August, some of the products, like tractors, iron, and steel, chemicals, and cement have posted a growth of 186 percent, 100 percent, 90 percent, and 30 percent respectively compared to August 2019.

The rains and consequential urban flooding, particularly in Karachi, caused significant problems in the existing infrastructure, disrupting the supply chains and affecting the exports.

Power outages, slow business activities, delays in transportation, and hampering of port operations are some of the issues faced by the exporters due to unprecedented monsoon rains in the country.

Pakistan Bureau of Statistics (PBS) is expected to release provisional foreign trade figures within the next few days or so.