KARACHI: In order to maintain the pace of growth in export, Ministry of Commerce has formulated an outreach strategy to help export industry retain and expand orders.
Through respective trade bodies and chambers, the ministry has advised exporters to contact Trade and Investment Officers (TIOs) in Europe and Americas (where export order is cancelled) for intervention required from TIOs.
COVID-19 has now spread to 199 countries across Europe, Asia, the Middle East and the Americas. Currently, USA and Europe have become the epicenter of this pandemic, with Italy surpassing China in terms of number of fatalities.
The global economic and trade activities have been severally impacted as port operations remain partially suspended and major markets including US, EU and Middle East have largely slowed down while global financial markets and stock exchanges have nosedived.
“Ministry of Commerce is cognizant that the spread of COVID-19 pandemic and consequent lockdowns and closure of retail stores worldwide has caused a negative demand shock which can substantially impact our export orders,” ministry noted in a letter to Federation of Pakistan Chambers of Commerce and Industry (FPCCI).
It is pertinent to mention here that despite of lockdowns and closures of retail stores, Pakistan’s export has registered an impressive double digit growth of 13.2 percent in the month of February 2020.
“The positive trend has so far continued in the first 20 days of March-2020 as exports have risen by 8.8 percent,” ministry noted. “This rise is even more significant in the face of fierce competition in international prices. This rise shows the resilience and growing competitiveness of our export sector”.