Pakistan’s exports for the month of August 2020, have recorded a downfall of 19.5 percent, in dollar value terms, as compared to the same period last year.
During the same month, the imports have also dropped by 20pc, in dollar value terms, as compared to August 2019. Similarly, the overall trade balance has improved by 20.6pc in August 2020, as compared to 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 186pc, 100pc, 90pc and 30pc respectively, in dollar value terms, as compared to August 2019.
As per details, the export shortfall was due to heavy rains in the country, there were some delays in obtaining and analyzing the data. The rains and consequential urban flooding, particularly in Karachi, caused significant problems in the existing infrastructure, disrupting the supply chains and affecting the exports for the month of August. Power outages, a slowdown in 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.