By Raza Khan ISLAMABAD, May 31 (INP-WealthPK): Pakistan has the potential to enhance its exports to Australia by up to $500 million within three to five years by exploring market opportunities. Dr. Mohammad Adnan, Joint Secretary (Trade) at the Ministry of Commerce, told WealthPK that Pakistan’s exports to Australia could be enhanced by proper marketing, raising goods’ quality, improving logistics services, and negotiating for reducing/removing tariffs. According to the Ministry of Commerce, Pakistan’s exports to Australia stood at $256.3 million during the first 10 months (July-April) of the current fiscal year against the imports of $439 million during the same period.  Dr. Adnan said that the balance of bilateral trade had been in favour of Australia during the last few years. “Enhancing exports is the only way to overcome trade deficit with Australia as imports cannot be reduced immediately,” he stated. He added that there is a huge potential in the Australian market for Pakistani exports. “Export of textile, food items and leather goods can be enhanced within a short time as these commodities are in high demand in Australia,” Dr. Adnan pointed out. The official said that a bilateral Joint Trade Committee (JTC) has been established by the two countries to promote and enhance bilateral trade. He informed that Australia also accredited two more mango hot water facilities to Pakistan in May last year which increased Pakistan’s export capacity for mangoes to the Australian market. Dr. Adnan informed that Pakistani dates have been introduced in Woolworths, the largest supermarket chains in Australia. “The Ministry of Commerce is trying to explore new markets for Pakistani dates,” the official said. He said the Ministry of Commerce, Pakistan’s Consulate General in Sydney and the Pakistan Software Export Board (PSEB) have launched a joint program to promote information technology (IT) services in Australia. “A series of business-to-business (B2B) sessions on various IT issues was held last year,” he said. Dr. Adnan further said that Pakistan remittances from Australia have also increased by 43% and rose to $676 million in 2020-21 from $474 million in 2019-20. The joint secretary also informed that a social media platform on Facebook and Twitter, named “Made in Pakistan for Australia” was launched to run different promotional campaigns about Pakistani quality products such as home textiles, spices, sports goods, and mango being sold in Australia. According to the Ministry of Commerce, the total volume of Pakistan-Australia trade was recorded at $753 million during the last fiscal year (2020-21). The volume of Pakistan’s exports to Australia was $281 million while imports were $472 million, registering a trade deficit of $191 million for Pakistan. According to Consulate General and Trade Commission of Pakistan in Sydney,  Pakistan’s top 10 export products to Australia include 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) $14 million, textile fabrics $10 million, surgical instruments $9.3 million, sports goods $ 3.6 million and miscellaneous agro food items $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%. Pakistan’s imports from Australia in 2020-21 included pulses, LNG and 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 at 42%, petroleum products (mainly coal and LNG) 24%, metals 19%, agricultural and other chemicals 8%, and machinery 3%.