Arsalan Ali

Pakistan’s exports to Malaysia and Singapore surged markedly by 83% and 104% respectively during the Fiscal Year 2021-22 compared to the previous fiscal year, reports WealthPK. Exports to Malaysia reached $432.695 million during the FY2021-22 compared to $236.172 million in FY21, according to the provisional data shared by the State Bank of Pakistan.

During FY22, trade deficit with Malaysia was $1,085.97 million compared with $951.182 million in FY21. However, month-over-month (MoM) exports to Malaysia surged by 52% to $45.206 million in June 2022 from $29.591 million in the previous month of the same financial year. Year-over-year (YoY) exports to Malaysia grew by 93% to $45.206 million in June 2022 from $23.402 million in the same month of FY21.

According to the UN COMTRADE database, major export items from Pakistan to Malaysia are agriculture products, cereals, edible vegetables, certain roots and tubers, mineral fuels, oils, distillation products, other textile products, sets, worn clothing, fish, crustaceans, molluscs, aquatic invertebrates, articles of clothing and cotton.

Import analysis shows that during FY22, imports from Malaysia grew by 28% to $1,518.664 million from $1,187.354 million in FY21. On MoM basis, imports from Malaysia surged by 99% to $167.862 million in June 2022 from $84.346 million in the previous month of the same year. On MoM basis, imports from Malaysia increased by 79% to $167.862 in June 2022 from $93.596 million in the same month of FY21.

Pakistan’s major imports from Malaysia are oil products, vegetable fat and oils, animal fats, minerals, fuels, oils, distillation products, organic chemicals, plastics, residues, food industry wastes, animal fodder, machines, nuclear reactors, boilers, and rubbers.

Meanwhile, Pakistan’s exports to Singapore surged by 104% to $374.957 million in FY22 from $183.165 million in FY21.

During this period of consideration, Pakistan's trade deficit with Singapore reached $3,036.189 million. However, month-over-month (MoM) exports to Singapore declined by 71% to $15.092 million in June 2022 from $52.712 million in the previous month of the same financial year. MoM comparison shows that exports to Singapore increased by 11% to $15.092 million in June 2022 from $13.522 million in the same month of FY21.

Data shows that Pakistan’s major export items to Singapore include mineral fuels, oils, distillation products, articles of apparel, knit or crocheted, edible vegetables, and certain roots and tubers, beverages, spirits and vinegar, and articles of apparel, not knit or crocheted. Similarly, import analysis shows that imports from Singapore surged by 9% to $3,411.146 million in FY22 up from $3,116.770 million in FY21.

On MoM basis, imports from Singapore declined by 1% to $347.181 million in June 2022 from $347.796 million in the same month of FY21. Major imports from Singapore include minerals, fuels, oils, distillation products, ships, boats, and other floating structures, plastics, essential oils, perfumes, cosmetics, toiletries, and miscellaneous chemical products.

Credit: Independent News Pakistan-WealthPak