ISLAMABAD: Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood said Tuesday that product and market diversification is the key pillar of the Ministry of Commerce’s Strategic Trade Policy Framework (STPF).
In a series of tweets, he said the ministry conducts a periodic analysis of the degree of diversification by comparing exports during the ongoing financial year (FY) with those of the preceding years.
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According to the analysis for Jul-Dec 2021, in terms of product diversification, Pakistan’s exports of “Non-Traditional Products” increased by 81% or $1.4 billion in the traditional markets and by 100% or $491 million in the non-traditional market as compared to the same period of FY2017-18.
“In terms of Market diversification, the exports of “Traditional Products” increased by 4% / $ 79 million for the same comparison,” Razak said.
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“Of the total increase of $ 4.2 billion, the share of Product & Market diversification in the increase accounted for 40% [$ 2 billion]. The details may be seen in the table shared with the tweet. This is a healthy development and our diversification policy is on track.”
He urged exporters to focus on product development and penetration of new markets in order to fetch better prices and overall increase in the country’s exports.
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