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Pakistani exports to US witness over 20% rise in Dec 2020, says PM’s adviser

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Pakistani exports to US witness over 20% rise in Dec 2020, says PM's adviser

Pakistan’s exports to the US had risen by 27% in Dec 2020 as in comparison with final 12 months, Adviser to the Prime Minister for Commerce and Investment Razak Dawood introduced Friday.

Taking to Twitter, the prime minister’s adviser mentioned that the exports to the US had gone up from $334 million in December 2019 to $425 million in December 2020.

“This is the first time that our exports to [the] US have crossed US dollar 400 million-mark for three consecutive months,” Dawood disclosed.

Sharing extra particulars, the SAPM mentioned that from July to December 2020, the exports to the US grew by 18.4% — USD 2,412 million — as in comparison with USD 2,037 million in the identical interval final 12 months.

“It is a great achievement by our exporters [and] I encourage them to strive to obtain a greater share of the market,” Dawood added.

India, Bangladesh noticed adverse progress for Nov/Dec

A day earlier, Prime Minister Imran Khan mentioned that regional export developments for November-December 2020 put Pakistan forward of India and Bangladesh.

According to the info shared by the premier, Pakistan’s exports grew by 8.32% in November 2020 and by 18.30% in December 2020 12 months on 12 months. Meanwhile, India recorded a adverse progress of -9.07% and -0.80%, and Bangladesh noticed its exports fall by 0.76% and -6.11% in November and December 2020, respectively.

PM Imran Khan congratulated exporters and the Ministry of Commerce for the “achievement”.

Coronavirus and the worldwide economic system

When 2020 dawned, the worldwide economic system had simply notched its tenth straight 12 months of uninterrupted progress, a streak most economists and authorities finance officers anticipated to persist for years forward in a twenty first Century model of the “Roaring ‘20s.”

But inside two months, a mysterious new virus first detected in China in December 2019 – the novel coronavirus – was spreading quickly worldwide, shattering these expectations and triggering the steepest world recession in generations.

The International Monetary Fund estimates the worldwide economic system to have shrunk by 4.4% this 12 months in contrast with a contraction of simply 0.1% in 2009 when the world final confronted a monetary disaster.

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