Import and Export Target Might Fall-off to $22b & Asian Ferrous Scrap Statement

News update: – 7th May 2020

The export and import fell off due to the covid-19. As reported the exports fell to $ 957 million in April 2020 from $ 2.089 billion in the same month a year earlier showing a massive decrease of 54.19 percent.

Furthermore, in a recent interview regarding this context Mr. Dawood, Prime Minister for Trade said that the export target could drop to 22 billion dollars this year. In addition, Pakistan could get benefits from low oil prices in the current evolving situation in the international market, and there would be no greater impact of the current account deficit due to lower oil prices.

Kamraj Enterprises would like to advice the following industrial sector establishments in the coming months to obtain more benefits in the current scenario. Due to the major shift in the international trade market, companies should invest and purchase material globally at lower prices. This positioning could lead to positive results as the cost to procure raw materials is lower than usual.

Despite the fact, The Asian market is facing lower demand for steel in few places like South Korea to Japan which went a bit lower this year from 835,843 tons over the same period last year. As a result of lower demand from Korea, Japanese sellers are increasingly turning to the markets of Taiwan and Vietnam.

On the other hand, Bangladesh previously increased its imports of scrap from both the United States and Japan in 2019. American scrap exports to Bangladesh in 2019 increased by 20.6% year on year to 1012,260 tons. This it has increased to 318,000 tons as per reports. It is expected that demand will increase in coming months.