Abb Takk News

Country’s Economy Is Moving in Right Direction: Dawood

ISLAMABAD: Adviser to PM on Commerce, Textile, Industry and Investment Abdul Razak Dawood on Monday said that the surge in exports in positive indication, however, more increase in exports needed to bridge the deficit gap.

Addressing a press conference in Islamabad, the adviser to the PM said that

2.5 per cent increase in exports and decrease imports were witnessed in last seven months.

“We saved $2 billion on imports in the last seven months,” he claimed.

“Exports in the first seven months of the current fiscal year remained $13.259 billion while imports stood at $32.54 billion as compared to $34.26 billion during the corresponding period last year,” he added.

“The trade deficit has reduced from $21.3 billion to $19.2 billion dollars.”

Razak Dawood further said, “Exports have registered an increase of four per cent in dollars in the last seven months and this translates to a 30 per cent increase in terms of Pakistani rupee.”

The adviser to the premier on commerce continued, “The result of currency devaluation will be visible on the export trajectory in the coming five months.”

“The ban on the import of furnace oil and non-essential food items benefited the economy,” he shared.

Expressing confidence that exports will increase while imports will further decrease this year, Razak Dawood said, “Cement exports have registered an increase of 50 per cent, mainly to Sri Lanka and Bangladesh.”