PAKISTAN TAKES THE ECONOMIC HIT OF CORONA VIRUS: EXPORTS FALL 47% IN APRIL

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PAKISTAN TAKES THE ECONOMIC HIT OF CORONA VIRUS: EXPORTS FALL 47% IN APRIL
PAKISTAN TAKES THE ECONOMIC HIT OF CORONA VIRUS: EXPORTS FALL 47% IN APRIL

While PM Khan was adamant to not letting the entire country go to lockdown procedures, because of Pakistan being a third-world country and the need for consistent work for It to progress as an economy. Unfortunately, despite the best of efforts, Pakistan has been hit strong economically by the corona virus, with exports falling almost 48 percent, with their value dropping from $1.81 billion in the previous month to $957 million, according to the Pakistan Bureau of Statistics. Pakistan Takes the Economic Hit of Corona Virus.

According to ProPakistani:

Imports for April dropped to $3.08 billion, down by 6.88% as compared to $3.31 billion in March 2020. However, the trade deficit was widened by 42% month on month to $2.31 billion in April 2020 as compared to $1.50 billion in March 2020 due to the decline in exports.

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According to Dr.AadilNakhoda, an economist and Assistant Professor at IBA:

First things first, the lockdown in Pakistan seems to have an abrupt impact on exports as export orders and transactions seem to be severely disrupted. This shock is highlighted by the fact that several factories came to a grinding halt in March and April 2020.The import adjustment had taken place much before the crisis when the govt tackled the Balance of Payment crisis. Therefore, the impact on it was relatively limited as imports of non-essential goods had already been curtailed to an extent.

Regarding the economic measures to be taken to counter the decline caused by the pandemic, Aadil was all for the govt bringing effective policies and that nothing can be predicted right now because of the uncertainty surrounding the entire situation. Extensive emphasis was given on making more and more products in Pakistan as to decrease imports, drastically.

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