US is still the biggest export destination for Pakistan during August 2020, followed by United Kingdom (UK), China and UAE.
In August 2019, the volume of export to the United States of America was $341.08 million even as they witnessed a decline compared to $341.08 million in same period of 2019.
The 2nd biggest importer of Pakistani products is the United Kingdom which imported products worth $129.17 million during August 2020 as compared to $137.56 in August 2019. Here too is a decline in the export of Pakistani products to the United Kingdom.
China is the 3rd biggest importer of Pakistani products, the volume of which was $93.64 million in August 2020, and the volume of exports in terms of dollar to UAE was 93.21. Total exports to Afghanistan in August 2020 are $60.975 million.
The total export target of Pakistan in the current financial year is $21 billion. It was a plan to increase the same from $22 to $24. Although, the export target could not be achieved by Pakistan yet there is an increase of up to 1.998% and it can be observed by the growing exports to US, UK in August.
Despite the calamity of Covid-19, Pakistan could be successful not only in maintaining the exports rather there has been an increase in it. Indian export fell up to 13.7% while the exports of Bangladesh also declined by 17%.
In the current year, the textile and garment industry of Pakistan received the biggest order in the history of the country. Due to the worsening condition of corona in India and Bangladesh, the market of Europe is inclined towards Pakistan.
Pakistan has a big potential for exporting raw material, food products, rubber and plastic items, footwear, chemical, mineral, and stones along with textile and garment not only to the USA and Europe but to the whole world.
According to a statement of Abdul Razaq Dawood, the advisor of commerce and investment to Prime Minister, there could be a 300% increase in the export of clothing, garment, and food products.