Despite the reduced economic activities in the country, Pakistan has managed to continue exports. As the US has been taking supplies so, Asian countries had to remain operational in this worldwide lockdown.
Pakistan harvests the main crops including wheat during this period of the year so, the government is trying to ensure that the agriculture production remains stable.
The export rate of rice is $2 billion per annum however, the government will not charge demurrages in the clearance of imports and export containers. Due to lockdown in the country amid COVID-19, various major sectors will suffer losses of billions of rupees.
The CEO of Pakistan Business Council (PBC) Ehsan Malik said, “Pakistan is expected to achieve some 50% export target this month.”
“Retail chain Costco is still taking supplies from around the world. Besides, many Asian countries remain operational,” he added.
According to the Pakistan Bureau of Statistics (PBS), Pakistan’s export rate reached less than $2 billion during the first eight months of the current fascial year.
“We are trying to make sure, in collaboration with the government, that those export industries continue to operate whose orders have not been delayed and cancelled by the international buyers,” Ehsan Malik assured.
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Anjum Nisar said, “Essential food and pharmaceutical industries cannot operate in isolation and that is why we have taken permission from the government to let the packaging and printing industry operate as well.
“Soap and sanitizer manufacturing industries also come under essential goods manufacturers since we need the two products to protect people from coronavirus,” he added.
Resources told Pak Revenue that several industries including Toyota, Honda, Suzuki, Gul Ahmed, Interloop, and Lucky Cement have stopped production.
“One-third of the industrial production may be impacted and the share of industrial production in the overall GDP (gross domestic product) stands at around 18%,” Ehsan Malik said.
Dr. Ashfaque Hasan Khan estimated, “Pakistan’s economic growth will slow down further to around 2.5-2.7% in the current fiscal year.”