By Arsalan Ali ISLAMABAD, June 14, (INP WealthPK): Pakistan’s export to South Africa surged by 8.98 percent and reached $165.975 million during the first 10 months of the current fiscal as compared to $152.348 million in the corresponding period of the previous year, WealthPK reports. According to the State Bank of Pakistan, on month-on-month (MOM) basis, the export to South Africa decreased by 4.7 percent and dipped to $17.19 million during April 2022 from $18.045 million in the previous month of the same financial year. On year-on-year (YOY) basis, the export to South Africa decreased by 11.7 percent and lowered to $17.19 million during April 2022 from $19.469 million, compared to the corresponding month of the previous fiscal. The import from South Africa increased by 88 percent and reached $1,313.534 million during the first 10 months of the current fiscal as compared to $698.35 million in the corresponding period of the previous financial year. On MOM basis, the import from South Africa decreased by 9.2 percent and dipped to $105.745 million during April 2022 from $116.502 million in the previous month of the same fiscal. On YOY basis, the import from South Africa decreased by 6.8 percent and lowered to $105.745 million during April from $113.56 million in the same month of the previous fiscal. The United Nations Comtrade database shows that Pakistan’s export to South Africa was worth $222.42 million during the previous financial year. The top export commodities included cotton, textile items, cloths, paper and paperboard, manmade staple fibres, slat, sulphur, earth, stone, plaster, lime and cement, apparel items, knit or crocheted items, cereals, plastic and pharmaceutical products. Pakistan’s import from South Africa was worth $1.74 billion during the previous fiscal. The major import commodities included minerals, fuel, oils, distillation products, iron and steel, ships, boats and other floating structures, organic chemicals, miscellaneous chemical products, ores, slag and ash, tanning, dyeing extracts, tannins and pigments, machinery, nuclear reactors and boilers. According to a report of the Business Research Council, Pakistan has an estimated export potential of $3.6 billion to South Africa in the sectors of agriculture, textile, salt and cement, engineering products and pharmaceutical and surgical instruments. The report titled “The Republic of South Africa” says that the tariffs on Pakistan’s top export items range from zero percent to 40 percent in South Africa while the tariffs on South African products in Pakistan range from zero percent to 20 percent. It says that the African government needs to reduce the tariffs to increase access to the market for Pakistani products. The report says that the issues of payment risk, obtaining letters of credit from South African buyers and negotiating documents drawn from South African banks need to be resolved. It adds that a dedicated export credit guarantee agency is required to hedge risks in exports to markets such as South Africa, where credit, operational, and exchange rate risks are high. The report, a copy of which is available with WealthPK, suggests that credible banking channels can be found reduced by identifying large-scale and reliable importers. The Pakistan Trade Commission in South Africa, as well as the Pakistani community in South Africa, can play an important role in this regard, it adds.