Pakistan urgently needs to adjust its economic structure to slow down the decline in exports

According to Pakistan’s “Express Forum” report on July 29, the Pakistan Bureau of Statistics recently summarized the major challenges faced by Pakistan’s external economy in fiscal year 2019, pointing out that Pakistan’s imports fell by 9.86% in fiscal year 2019. , Exports fell by 1%. The decline in the exchange rate did not stimulate export growth. There are serious structural problems in the economy. Issues such as resolving export stagnation and improving the global competitiveness of domestic enterprises urgently require the attention of government decision-making departments. Comparing the data for fiscal year 2018, the petroleum industry is the main sector in dollar-denominated export value-added. Although the export of knitted clothing products has also increased, it is mainly based on volume growth rather than product value added. From a regional perspective, data from the Central Bank of Pakistan from July 2018 to May 2019 show that Pakistan’s exports to China and the United States have increased, but during the same period, exports to Afghanistan, Germany, and the United Kingdom have stagnated or declined to varying degrees. Among them, exports to Afghanistan A drop of 30%. If the Pakistani government wants to reduce its trade deficit, it should also start by improving the quality and standards of domestic products to further adjust and optimize its export structure.