Pakistan Urgently Needs To Adjust Its Economic Structure And Slow Down Its Exports.

Pakistan forum express reported on July 29th that the Pakistan Statistical Bureau recently summarized the major challenges facing Pakistan's external economy in the 2019 fiscal year. It pointed out that in the 2019 fiscal year, the import of Pakistan dropped by 9.86%, and exports dropped by 1%. The decline in exchange rate did not stimulate export growth, and the economy was in serious structural problems. To solve the problem of export stagnation and enhance the global competitiveness of domestic enterprises, it is urgent for government decision making departments to pay attention to it. Comparing the 2018 fiscal year data, the oil industry is the main sector of the US dollar value added export. Although the export of knitted apparel products has increased, it is mainly based on quantity growth rather than product value increment. From the regional perspective, the data of Pakistan's central bank from July 2018 to May 2019 show that Pakistan's exports to China and the US have increased, but exports to Afghanistan, Germany and the UK have stagnated or declined to varying degrees during the same period, of which exports to Afghanistan have fallen by 30%. If the Palestinian government reduces its trade deficit, it should start with improving the quality and standards of its products, so as to further adjust and optimize the export structure.