Islamabad: Pakistan's exports, which are an important indicator to measure the current account deficit, were on a downward trajectory, an economic survey has revealed. According to the Pakistan Economic Survey 2019-20 released on Thursday, the country recorded export value of $19.7 billion during July-April 2019-20 compared to $20.1 billion in the same period of previous fiscal year, posting a decline of 2.4 per cent, The Express Tribune reported.

The survey added that imports from July 2019 to April 2020 declined 16.9 per cent to $36.1 billion compared to $40.3 billion in the same period of previous fiscal year.

During July-March FY20, fiscal deficit contracted to 4 per cent of gross domestic product (GDP) while the current account deficit shrank 71 per cent, it revealed.

Pakistan is experiencing a demand and supply shock due to the COVID-19 pandemic.

Efforts have been made to enhance exports, however, international buyers request local entrepreneurs to add value to get a bigger share in the global trade market since Pakistan enjoys the GSP Plus status, which allows exporters to access European markets at concessionary rates, the survey added.