ISLAMABAD: Adviser to PM on Commerce, Textile, Industry and Investment Razzak Dawood said that the exports of goods during November have crossed $2.02 billion.
Razzak Dawood shared the news on twitter that the exports of goods during November 2019 increased by 9.6 percent to $2.02 billion in the country.
Alhamdolillah! Pakistan’s Exports in Nov 2019 have once again CROSSED USD 2 BIL.LION mark. Hats off to our exporters & the team at M/o Commerce. Exports increased by 9.6% compared to 2018. Trade Deficit/Balance has shrunk by USD 988million in Nov-19 & by USD 5billion in 5 months. pic.twitter.com/HhSvAcHpKT
— Abdul Razak Dawood (@razak_dawood) December 1, 2019
He said, “Pakistan’s exports in November 2019 have once again crossed the USD 2 billion mark. Hats off to our experts and the team at the Ministry of Commerce. Exports have increased by 9.6% as compared to last year.”
He further said, “As a result of the same policies of the government, the increasing exports are contributing to an improvement in our balance of payment position and stabilization of the economy.”
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On the other side, the imports declined by 17.53 percent to $3.815 billion over the corresponding month of last year.
According to the data from the Ministry of Commerce, exports were recorded at $1.843 billion while imports at $4.626 billion in the same month of last year (November 2018).
During July-November 2019 to 2020, the country’s exports were recorded at $9.55 billion against $9.113 billion in the corresponding month, showing an increase of 4.8 percent (or $437 million).
This process of increase in exports and cut in imports would improve the trade balance position and ultimately the current account deficit (CAD) that has recently turned into a surplus.
Pakistan’s current account deficit in Fiscal Year 2019 stood at $12.75 bn, a 36 percent reduction from $19.9 bn in the Fiscal Year 2018.
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