Raza Khan

ISLAMABAD, August 05 (INP-WealthPK): Pakistan’s trade volume with Australia was $658 million in the Fiscal Year 2021-22, slightly increasing by 1.07% against $651 million in the Fiscal Year 2020-21, reports WealthPK.

Exports to Australia rose by 12.26% to $302 million during the Fiscal Year 2021-22 from $269 million in the preceding year (2020-21).

Imports from Australia declined by 6.80% to $356 million during the Fiscal Year 2021-22 from $382 million in the preceding year.

According to an estimate of Ministry of Commerce, Pakistan has the potential to enhance its exports to Australia up to $500 million within three to five years. Export of textile, food items, especially rice and leather goods can be enhanced within minimum time, as these commodities are in high demand in Australia. 

According to the Consulate General and Trade Commission of Pakistan in Sydney, Pakistan’s top 10 export products to Australia in 2020-21 included textile made-ups worth $117 million, garments $63 million, iron and steel (mainly pipes) $16 million, cereals (mainly basmati rice) $15 million, leather goods (mainly gloves) $15 million, processed food (mainly spices) US$ 14 million, textile fabrics $10 million, surgical instruments $9.3 million, sports goods $3.6 million and miscellaneous agro food items US$3.4 million.

The top 10 products constitute 95% of Pakistan’s exports to Australia. At the product group level, textile group constitutes 69% of exports, agro-FOOD Group 12.6%, metals group 7.2%, leather group 6.1%, and surgical instruments 3.3%.

The Ministry of Commerce has established a bilateral Joint Trade Committee (JTC) in collaboration with the relevant Australian authorities to promote bilateral trade.

Australia also accredited two more mango hot water facilities of Pakistan last year to increase Pakistan’s export capacity for mangoes to its market in future. Pakistani dates have been introduced in Woolworths – the largest supermarket chains in Australia.

A social media platform on Facebook and Twitter, named “Made in Pakistan for Australia” has been launched to run different promotional campaigns about Pakistani quality products such as home textiles, spices, sports goods, and mango being sold in Australia.

The Ministry of Commerce, Pakistan’s consulate general in Sydney and Pakistan Software Export Board have launched a joint program to Promote IT services in Australia.

The balance of trade has been in favor of Australia during the last few years. Enhancing exports is the only way to overcome the trade deficit with Australia, as imports cannot be reduced immediately.

Pakistan’s imports from Australia in 2020-21 included pulses, LNG, coal, iron and steel (scrap and flat-rolled), unwrought zinc, wood products (mainly paper, paperboard), fertilizers (DAP), metals, office machinery, dyes and pigments, and chocolates.

The major product categories of import included food items 42%, petroleum products (mainly coal and LNG) 24%, metals 19%, agricultural and other chemicals 8%, and machinery 3%.

Credits: Independent News Pakistan—Wealthpk