The Philippines has emerged as a fast-growing market for Pakistani exports

The advisor to the Prime Minister (PM) of Pakistan for Commerce and Investment, Abdul Razak Dawood, has revealed in a tweet that “the Philippines has emerged as a fast-growing market for our exports,” with $41 million worth of good and services being exported.

During Jul-Nov 2020, exports to The Philippines increased by 36% to $41 million from $30 million in the same period last year. In November 2020, exports to The Philippines grew by 167 percent to $13 million compared to $4.8 million in November 2019. “This is in line with our geographical diversification policy,” he added.

He also revealed that in November 2020, the exports of Cotton Yarn declined by 25%, Raw Leather by 21%, and Cotton Fabric by 12.2%. This is an indication of the decrease in exports of low value-added goods and an increase in more value-added goods. He also said, “I urge our exporters to keep pursuing this policy.”

However, the decrease in low value-added goods may partially be due to the receding economy in most countries reducing the demand for certain value-added goods, decreasing the requirement for raw materials from the country. Nonetheless, it is a very good sign that Pakistan is finding importers of its goods in Asia, decreasing its dependence on European countries.