Raza Khan

Pakistan’s export sector needs effective management of resources besides optimal utilisation of real-time research and data to enhance exports. “Export policies and strategies should be based on real-time data, research, and information about the market and new trends to enable the export sector effectively use resources on valuable products,” the Ministry of Commerce said in a report.

The ministry said an analysis wing would be established to prepare precise and accurate data for evidence-based analysis and decision-making for the export sector. “The purpose of establishing the analysis wing is to create research collaboration between all the wings and attached departments of the Ministry of Commerce to encourage targeted and timely policy interventions,” the report said.

The proposed analysis wing would also collaborate with the Ministry of Commerce and economic think tanks like the Pakistan Institute of Development Economics (PIDE), Sustainable Development Policy Institute (SDPI) and international institutions like the World Bank and European Commission.

“The analysis wing will make sure access to real-time local and international data of commerce, trade and industrial sectors to enable the ministry and industries to take timely decisions,” said the report. The wing would also report on the ongoing trade practices, market trends, region-wise demand for various products and market breakdowns. The export sector should also keep itself up-to-date and well-informed about modern business practices and market trends to focus on products which are in demand globally.

The report said the project will also enable the creation of a comprehensive evidence-based and data-driven strategies to increase market share in world trade. “Enhancing exports competitiveness through diversification of products and markets requires realistic policy actions based on empirical data and market analysis,” it said.

Efforts should be made to increase the supply of skilled workers by running skill development programmes, perhaps in collaboration with the private sector, the ministry said. Most of Pakistan’s exports consist in textile products which account for 60% of the country’s total merchandise. Pakistan should also focus on other products as well.

According to Pakistan Business Council (PBC), the country also needs market diversification as around one-third of its total exports are concentrated in the US, China and the UK only. Pakistan has lots of potentials to enhance exports of sectors like engineering goods, agro-products, sports goods, meat and leather products.   Pakistan’s exports were recorded at $23.174 billion during the first 10 months (July-April) of the current fiscal year (2022-23) against $26.247 billion during the same period of the last fiscal year, with a decline of 11.71%.

Credit: Independent News Pakistan-WealthPk