Assalam-o-Alaikum! |
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Name 3 major ways your country earns foreign exchange. Briefly explain how each method works. |
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Through a variety of channels Pakistan earns foreign exchange for trade with other nations. One approach is to export commodities like rice, leather goods, and textiles. These goods are produced domestically and exported, bringing in revenue for our nation.
Remittances from Pakistanis employed abroad are another source. Our foreign exchange reserves are increased by the money that our citizens who work overseas send home to support their families. Another important source is tourism which helps Pakistan economy by bringing in money for hotels , food , and attractions from foreign visitors.
Which sector contributes the most to your country's foreign exchange earnings? Why? |
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Pakistan textile sector is the main source of our country foreign exchange profits. This is a result of the large amount of textiles such as clothes and fabrics. We manufacture and export to other nations. Pakistan textile industry employs a large number of people. It is a key component of our national economy.
Furthermore there is a large market for Pakistani textiles worldwide which increases the money we make from exporting these goods. Thus the textile sector contributes significantly to our nation's foreign exchange earnings.
Does your country's foreign reserves depend on this particular sector or are there many other sectors as alternatives? |
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By spreading out our foreign exchange sources we can lessen our reliance on any one industry and maintain economic stability. Therefore even though the textile industry is important other industries also play a key role in supporting our economy and preserving our foreign exchange reserves.
What kind of problems do you think your country will face If this sector somehow collapses? |
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Furthermore losing the textile industry would make it harder for us to pay for imports and might harm our economy as a whole because textiles are a significant source of foreign exchange earnings. To reduce these risks we must safeguard and diversify our industries.
I invite @malikusman1 @i-am-ejaaz and @hudamalik20 to take participate in this contest
Thank you
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@neelofar from Pakistan
@neelofar from Pakistan
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Hi I hope you are doing well. Foreign exchange drives global trade and financial markets, influencing economies worldwide with its fluctuations and trends. Understanding its dynamics is key to navigating the complexities of international commerce and investment. Wising you best of luck.
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It's huge challenge for Pakistan to balance our foreign exchange. Specially after imran khan government shut down.
Because overseas Pakistanis have stopped to sending their remittance to Pakistan.
Their should be need to adopted good economic strategies to survive for Pakistan.
Thank you my friend, for inviting me in this an interesting contest.
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