Pakistan’s exports to 9 countries in the region fell by 28.28% during the first 9 months of this fiscal year, mainly due to a reduction in shipments to China, according to a report by Dawn newspaper, data released by the State Bank of Pakistan. According to the figures, not only the exports decreased, but especially the imports from China also decreased.
According to the report, import containers are awaiting clearance under the government’s austerity measures, while the State Bank is not giving priority to opening letters of credit for consumer goods.
The country’s exports to Afghanistan, China, Bangladesh, Sri Lanka, India, Iran, Nepal, Bhutan and Maldives decreased to 2.74 billion dollars, which is the total exports of Pakistan during July-March 2023 fiscal year. It constitutes only 13.83%.Among the regional countries, Pakistan exports the most to China, while other populous countries India and Bangladesh lag behind. Pakistan sends 55% of its total exports to the countries of the region to China while the remaining exports go to other 8 countries.
Pakistan’s exports to China decreased by 28.31 percent to $1.52 billion during July-March in fiscal year 2023, which was $2.12 billion during the same period last year, for the first time after Covid-19. However, imports from China also recorded a decline of 48.36% to $7.74 billion.
Pakistan’s exports to Afghanistan increased by 8.42% to $407 million during July-March, which was $369.6 million during the same period last year. It does not include exports by land route. Exports to Afghanistan began to decline in August 2021, after the government allowed imports in rupees after the Taliban took power, imports in rupees are not included in the data.
The government had removed duties and taxes on onion and tomato imports from Afghanistan and Iran, leading to a sharp increase in imports of these commodities over the past few months to overcome shortages in the domestic market.During the first 9 months of this financial year, Pakistan’s official exports to Iran were 27 thousand dollars, which was zero last year. Most of the trade with Iran is through informal channels through Balochistan. Imports of onions and tomatoes allowed, Pakistan trades barter with Iran.
Exports to India during the first nine months of fiscal year 2023 were recorded at $221,000 after a 78.83% drop from $100,000 in the same period last year. Local prices of vegetables had gone up due to this, leading to a demand to allow imports of cotton and vegetables through the Wagah border.
Exports to Bangladesh fell by 9.24% to $588.2 million from $648.2 million last year, while exports to Sri Lanka fell by 21.75% to $222.8 million in the same period last year. 28 crore 82 million dollars.
Pakistan’s exports to Nepal decreased by 53.84% to $2250,000 from $4793,000 in the first 9 months of fiscal year 2022, while exports to Maldives increased by 21.84% to $61,850,000. thousand dollars, exports for Bhutan during the period under review were recorded at just $48,000, which is an increase of 92% over the previous year, when exports were $25,000.