Independence Day sales fetch Rs25 billion
August 14 celebrations across Pakistan were extraordinarily high
KARACHI:
The sales of merchandise related to Independence Day celebration (August 14) were recorded at a significant Rs25 billion.
“Keeping in view the sluggish economic situation in the aftermath of coronavirus outbreak in the country and subsequent lockdowns, sales related to August 14 celebration were extraordinarily high,” said All Karachi Tajir Ittehad (AKTI) Chairman Atiq Meer.
Meer, who collected data of sales pertaining to Independence Day celebration from his members across the city, said Karachi has a population of around 2.5 billion, which translated to nearly 400,000 households.
“If each household spends Rs5,000 for independence day, it accumulates to Rs2 billion,” he said. He held the view that sales of Independence Day themed food items and sweets should also be counted in the total figure.
Out of the total sales, 30% comprised of local products while 70% were imported goods, he said.
“The current government’s policy is import substitution but still the country celebrated its independence day with a majority of imported goods,” he said. “Products imported from China are priced unusually lower, which poses tough competition for local producers.”
Published in The Express Tribune, August 16th, 2020.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ