Trade and travel in the time of Pandemic
Trade and travel in the time of Pandemic
Coronavirus disease 19 (COVID-19), originated at Wuhan city of China in early December 2019 has rapidly widespread with confirmed cases in almost every country across the world and has become a new global public health crisis. During COVID19 The Health Commission had its doubts – the virus was widespread in the eastern Mediterranean. Normally, the crew and the property would have had to stay on board for 40 days to rule out the possibility of an infectious disease. The disease spread like a forest fire in the dry bush. COVID-19 outside of China, or whether there will be a worldwide pandemic with millions of deaths. China’s share of the world economy is 16%, and growing. With the increase in economic strength, the interdependence with the rest of the world has exploded. Millions of people travel to and from China every year. Over 70 international flight connections from the Middle Kingdom enable fast travel to the far corners of the earth. Pakistan’s economy is already at the brink of collapse having incurred. A colossal external debt of approximately $113 billion. Pakistan can face Catastrophic consequences if the looming new trade crisis hits its shores. COVID impact on many sector of businesses like industries, agriculture, trade and tourism.
In Pakistan about 50% of Pakistan’s exports are shipped to countries most affected By COVID-19. When the current government of Pakistan came Into power in 2018, one of its primary objectives was to lower the current Account deficit by decreasing imports through applying contractionary Pressures such as tariff hikes and to increase exports. Pakistan’s textile sector was working at full capacity in part
Due to the absence of government taxes but mainly because of the increase In orders from the world’s textile buyers. Traffic in the textile sector was Being diverted to Pakistan from China due to China’s ongoing fight against
COVID-19. Demand reached such heights that many Pakistani exporters Began turning down new offers. It is worth noticing that many countries. Restrict their trade with China and redirect to Pakistan as an alternative but Pakistan seems unable to grasp this opportunity due to high dependence On China.
COVID-19 is causing major disruptions in local and global food supply Chains. The pandemic has been associated with direct and indirect impacts That carry certain uncertainties and complexities but in the analysis of cereal Supply. Pakistan’s major exported commodities include textiles, cereals, leather, Surgical instruments, chemicals, etc. More than two-thirds of the overall Textile products are exported to western countries hence making them .The Most important destination for finished products belonging to the textile And leather industries. With demand steadily declining in foreign countries, Due to continued layoffs and lockdowns . According to PIDE; cancellations of export orders, has considerably slowed the economic activity down. The five major trade partner (with more than 50% share in trade) of Pakistan are China, USA, UK, Japan, and Germany. Four of these partners are also the worst hit countries by the COVID-19. The imports and exports in the last three months (December 2019
– February 2020) for these major trade partners . in the international trade flows of these countries. China and Japan experienced more than 15% reduction in their exports. Rest of the three partners had a reduction of around 5%. Some of them have also experienced reductions in their imports
As we know Allah granted Pakistan with many beautiful places and historical views the major part of GDP comes from the tourism industry. According to PIDE; Pakistan is a home to world’s old civilization of Indus Valley which consequently gave birth to
Diverse cultures across the subcontinloca. Pakistan in the top 25 percent of
Global destinations for its World Heritage sites. These sites support 8,665 direct jobs in tourism value chain and contribute $5 million to the local economy. in 2017 tourists
influx has risen to 1.75 million which is a good sign. However, the outbreak of the COVID-19 pandemic direly affected Pakistan’s tourism sector in 2020. Despite the limited inflow of tourists from abroad owing to pandemic-related travel restrictions, local tourists have boosted the local tourism industry this year .Pakistani experts and government officials believe that as Pakistan has a huge potential for tourism, all-out efforts should be made to further ramp up the thriving tourism sector and attract not only local tourists but also people from all over the world once the pandemic subsides. In 2020, COVID-19 caused losses of more than 10 billion rupees on the tourism industry of KP when a number of businesses associated with tourism
were left paralyzed. Travel could be withheld without restrictions; anyone who comes or returns from there Must undergo a medical examination and possibly spend a few weeks in quarantine. This would not only build a virtual plague wall against the next major outbreak, it Would also put pressure on health authorities around the world