World exports witness decrease in 2015: Senate told

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World exports witness decrease in 2015: Senate told

ISLAMABAD, Nov 24 (APP): Minister for Commerce Engr. Khuram Dastagir Thursday told the Senate that world exports did witness
decrease in 2015 and Pakistan was also effected due to this decline.
Replying to a question in the Senate, the minister said that
trend of exports is being witnessed in developed, emerging and developing economies.
The exports have dropped in USA by 7.1percent, in Europe 12.5
percent, China 2.9 percent and India 17.2 percent, he added.
He said Pakistan’s export volume depend (among others) on
its competitiveness (market share effect) and on the development in world GDP at constant prices (market volume effect).
The Minister said Pakistan’s major trading partners like US, China, EU have witnessed sluggish economic growth during past few years. Major chunk of exports go to US, China and EU.
Therefore, slowdown in China and European economies and aggregate weak demand have significantly impacted Pakistan’s export growth, he said.