Arsalan Ali

Pakistan’s exports to Central Asian countries surged by 70%, reaching $19.254 million in January 2023, compared to the same month in the previous fiscal year, when exports were recorded at $11.3 million, WealthPK reported.

SBP/WealthPK research

The latest data released by the State Bank of Pakistan (SBP) shows that exports to Kazakhstan, Uzbekistan, Tajikistan, Kyrgyzstan, and Turkmenistan remained stagnant during the first seven months (July-Jan) of this fiscal year. The total exports during this period were recorded at $104.572 million, reflecting a marginal increase of $0.432 million compared to the same period last year, when exports stood at $104.140 million.

From July-Jan FY23, Pakistan imported goods worth a total of $20.463 million from Central Asian countries. However, Pakistan maintained a trade surplus of $84.109 million with Central Asian countries. Of the individual Central Asian country, Pakistan maintained a trade surplus with Kazakhstan, Uzbekistan, and Kyrgyzstan, while a trade deficit was recorded with Tajikistan and Turkmenistan.Kazakhstan has emerged as the leading importer of Pakistani goods among the Central Asian countries. Uzbekistan, Tajikistan, Kyrgyzstan, and Turkmenistan have followed suit in terms of the volume of Pakistani merchandise received.

Exports to Kazakhstan showed a growth of 31% on a year-on-year (YoY) basis, reaching $11.418 million in January 2023 compared to $8.698 million during the same month last year.

SBP/WealthPK research

However, data shows a decline in Pakistan’s exports to Kazakhstan during the first seven months of the current fiscal year. Total exports were recorded at $51.040 million, marking a substantial decline from $77.276 million during the same period of the previous fiscal, representing a decline of $26.236 million. Despite this decline, the trade surplus during that period stood at $46.832 million with Kazakhstan. In January 2023, exports to Uzbekistan reached $7.084 million, a significant increase from $1.987 million during the same month of the previous fiscal year, reflecting a rise of $5.097 million.

Total exports to Uzbekistan during the first seven months (July-Jan) of the current fiscal year have more than doubled from the same period last year. Total exports to Uzbekistan during this period were recorded at $47.866 million, marking a considerable increase of $25.147 million from $22.719 million during the same period of the previous year. The trade surplus during this period was recorded at $37.340 million.

Pakistan’s exports to Tajikistan have witnessed a substantial growth of 47% in January 2023, compared to the same period last year. Exports stood at $0.513 million in January 2023 compared to $0.348 million in January 2022. Exports from July-January FY23 have shown a remarkable growth of 47%, reaching $3.166 million compared to $2.144 million during the corresponding period of FY22. However, despite this impressive growth in exports, a trade deficit of $0.096 million was recorded with Tajikistan.

Pakistan’s exports to Kyrgyzstan saw a slight decline in January 2023, reaching $0.239 million, down from $0.267 million during the same month of the previous year. Total exports from Pakistan to Kyrgyzstan surged by an impressive 72% during the July-Jan period of the fiscal year 2022-23, compared to the same period of the previous fiscal year, reaching $2.296 million. A trade surplus of $2.161 million was recorded with Kyrgyzstan during July-Jan FY23.

The total value of Pakistan’s exports to Turkmenistan for the period of July-January in the current fiscal year amounted to $0.204 million. This represents a significant decrease compared to the corresponding period of the previous year, during which exports to Turkmenistan were valued at $0.668 million.

Credit: Independent News Pakistan-WealthPk