ISLAMABAD, Aug 09 (Alliance News): The latest data released by the State Bank of Pakistan shows that Pakistan’s exports to nine countries in the region increased by 16.97 percent in fiscal year 2022 compared to a year ago, while imports increased by about 28.84 percent. .
The country’s exports to Afghanistan, China, Bangladesh, Sri Lanka, India, Iran, Nepal, Bhutan and Maldives amount to a paltry amount of $4.59 billion, which is only a fraction of Pakistan’s total exports of $31.79 billion in FY22. Makes 14.43 percent.
China is Pakistan’s top exporter in the region, Pakistan trades only by sea with its distant neighbors such as Nepal, Sri Lanka, Bhutan, Bangladesh and the Maldives.
On the other hand, imports from these countries increased to $17.81 billion in FY22, which is 28.8 percent higher than $13.83 billion in the same period last year.
Pakistan’s trade deficit with other countries in the region widened during the period under review as a result of huge imports.
Pakistan’s exports to China showed a positive growth in 2021.22 The bulk of Pakistan’s exports to the region, accounting for 60.58 percent, are with China, while the remaining 40 percent are to other 8 countries in the region.
Pakistan’s exports to China increased from $2.4 billion in FY21 to $2.78 billion in FY22. An increase in Pakistan’s exports to China has been seen in the post-Covid period, particularly in rice exports.
In contrast, imports from China increased by 30.03% to reach $17.3 billion compared to $13.3 billion last year.
97.09% of Pakistan’s imports are coming from China alone while the remaining imports are from other 8 countries.
Pakistan’s exports to Afghanistan saw a 43.8 percent decline in FY22 to $5.53 billion from $9.53 billion in the same period of FY21.
Until a few years ago, Afghanistan was Pakistan’s second largest export country after the United States.
These export figures do not include amounts that were transacted in local currency.
Imports from Afghanistan reached $1.79 billion compared to $1.47 billion last year, mainly due to higher imports of fresh and dry fruits along with kitchen essentials tomatoes, potatoes and onions.
Since the government has allowed more land-based imports from Afghanistan in rupees since the Taliban came to power, the figures do not reflect imports in rupees.
The country’s exports to India decreased from $2.33 billion to $1.29 billion in FY21, while imports from India were $1.88 billion, which was $1.84 billion last year.
According to official records, Pakistan’s exports to Iran were nil during FY22, most of the trade with Tehran is done through informal channels through the border areas of Balochistan, and there were no imports from Tehran during the period under review.