Islamabad, June 12 (SocialNews.XYZ) Pakistan's exports, which are an important indicator to measure the current account deficit, were on a downward trajectory, an economic survey has revealed.
According to the Pakistan Economic Survey 2019-20 released on Thursday, the country recorded export value of $19.7 billion during July-April 2019-20 compared to $20.1 billion in the same period of previous fiscal year, posting a decline of 2.4 per cent, The Express Tribune reported.
The survey added that imports from July 2019 to April 2020 declined 16.9 per cent to $36.1 billion compared to $40.3 billion in the same period of previous fiscal year.
During July-March FY20, fiscal deficit contracted to 4 per cent of gross domestic product (GDP) while the current account deficit shrank 71 per cent, it revealed.
Pakistan is experiencing a demand and supply shock due to the COVID-19 pandemic.
Efforts have been made to enhance exports, however, international buyers request local entrepreneurs to add value to get a bigger share in the global trade market since Pakistan enjoys the GSP Plus status, which allows exporters to access European markets at concessionary rates, the survey added.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz