Arsalan Ali

Pakistan’s exports to the member countries of South Asian Association for Regional Cooperation (SAARC) during the first seven months of the current fiscal year (2022-23) amounted to $954.024 million, representing a decline of $7.304 million in comparison to the corresponding period of the previous fiscal year, when exports reached $961.328 million, WealthPK reported.

Data released by the State Bank of Pakistan (SBP) shows that exports from Pakistan to Bangladesh, Afghanistan, Sri Lanka, Maldives, Nepal, and India fell by 17% on a year-over-year (YoY) basis. In January 2023, the exports amounted to $114.972 million compared to $138.771 million during the same month of the previous fiscal year.

The imports from SAARC member countries during July-January FY23 amounted to $199.893 million. Pakistan’s trade surplus with SAARC countries was recorded at $754.131 million during the period under review. Pakistan enjoyed a trade surplus with Afghanistan, Bangladesh, Maldives, Nepal, and Sri Lanka during the period under review. However, a trade deficit was recorded with India and Bhutan during the same period. During the first seven months of the current fiscal year, Bangladesh was the top recipient of goods from Pakistan among the SAARC countries.

Pakistan’s exports to Bangladesh fell by 30% to $58.927 million during January 2023 compared to $83.867 million during January 2022. The total exports from Pakistan to Bangladesh were $479.756 million during the first seven months of FY23, down from $483.293 million during the corresponding period of last fiscal year. During the period under review, a trade surplus of $431.218 million was recorded with Bangladesh.

Pakistan’s exports to Afghanistan were recorded at $33.598 million during January 2023, up from $17.384 million during January 2022, showing a 93% increase. The exports to Afghanistan increased by 10% during the first seven months of FY23 to $285.177 million from $257.888 million during the same period of the previous fiscal year. During that period, the trade surplus was $271.788 million.

Pakistan’s exports to Sri Lanka fell by 41% and reached $21.442 million during January 2023 compared to $36.513 million during the same month of 2022. Pakistan’s total exports to Sri Lanka reached $182.313 million during July-January FY23, a 13% decrease from $211.398 million during the same period of FY22. The trade surplus with Sri Lanka was $149.353 million.

Pakistan’s exports to Maldives surged by 7% to $0.683 million during January 2023 from $0.637 million during January 2022. The exports to Maldives totalled $4.734 million during July-January FY23, an increase of 24% from $3.804 million during the same period of last year.

From July to January FY23, Pakistan's exports to Nepal, India, and Bhutan totaled $1.843 million, $0.153 million, and $0.048 million.

Credit: Independent News Pakistan-WealthPk