Federal Minister for Commerce & Textile, Muhammad Pervaiz Malik, Tuesday, said that the 24% increase in exports the highest in four years was the result of the duty drawback scheme under PM’s package as well as the exchange rate adjustment, export friendly policies of the government and renewed efforts towards seeking better market access by the Ministry of Commerce.
Speaking in a briefing on current trade statistics, he expressed satisfaction over the soaring trend in exports, saying that the government would take all necessary measures for the facilitation of the exporters and would resolve all the problems faced in consultation with them.
Pervaiz Malik said that the initiatives by the government to provide Duty drawback as well as the exchange rate adjustments have contributed positively to the growth. “Improved market access especially in the European market owing to the successful review of GSP Plus facility also played an important role”, he added.
The highest year-on-year growth in a month was reached in March 2018, when the exports for the month reached USD 2,230 million, higher by 24% when compared with March 2017 and 17% when compared with February 2018. On the other hand, imports growth remained subdued at only 5% as compared to March 2017, which has also been one of the lowest growth in imports in the past many months.
Minister hoped that the increase in exports will continue in future as we are ready to give more and more incentives to the exporters on one hand and also working on exploring new markets for diversification in foreign trade. “We are looking forward to start PTA dialogue leading to FTA with countries including Japan, Indonesia, Vietnam, Kenya and Philippines”, added the minister for commerce.