The government has asked the exporter to take full advantage of these new opportunities as the west is slowly opening up in terms of economic activities.
“The west is slowly opening up and there are trickles of orders coming in. These orders are in different segments and would take us to where we were prior to the coronavirus. I’m appealing to our textile industry to take full advantage of these new opportunities to enter new segments and new geography. The government will support you completely,” said Abdul Razak Dawood, Adviser to Prime Minister on Commerce.
Earlier, Pakistani exporters had faced setback after the outbreak of coronavirus and the evolving position of the global economies and its impact on the export sector of Pakistan. Pakistani exporters are facing problems and they are being told not to ship consignments till further notice. Exporters are seeking relief package from the government to offset the massive losses.
According to the International Monetary Fund (IMF)’s projection Pakistan’s exports are estimated to reduce by $1.86 billion to $23.732 billion during ongoing fiscal year (FY20). Similarly, imports are projected to decline by $4.64 billion to $48.291 billion during the present financial year. The reduction in imports would help in reducing the trade deficit of the country. The reduction in trade deficit would help in controlling the current account deficit.
In a bid to help the exporters, the government had announced Rs100 billion disbursements to the exporters in shape of refunds. In order to mitigate impact of outbreak of COVID-19, the Prime Minister has approved relief package i.e. Rs70 billion for refunds related to Federal Board of Revenue (FBR), Rs30 billion DLTL related to ministry of commerce.
