Arsalan Ali

Pakistan’s exports to nine regional countries declined by 20.2% during the first nine months (July-March) of the current fiscal year (2022-23) compared to the corresponding period of the last fiscal year. Data from the State Bank of Pakistan (SBP) shows that exports to Afghanistan, Bangladesh, China, India, Sri Lanka, Iran, Nepal, Bhutan, and Maldives amounted to $2.7454 billion during 9MFY23 against $3.4404 billion during the corresponding period of FY22. China remains the top destination for Pakistan's regional exports. However, Pakistan's exports to China experienced a decline during 9MFY23 compared to the same period of the previous year.

China accounts for the majority share of Pakistan's regional exports, amounting to 55.53%, with the remaining percentage distributed among eight other countries. Pakistan’s exports to China declined by 28.3% to $1.5247 billion during the period under review from $2.1268 billion during 9MFY22. Imports from China also declined by 40% to $7.7455 billion on year-on-year (YoY) basis during the period under review.

Export to China during March 2023 remained at $189.957 million against $285.613 million during the same month in the previous year. Pakistan's exports to Bangladesh fell by 29.5% to $63.275 million during March 2023 compared to $89.801 million during March 2022. Total exports to Bangladesh during the July-March FY23 period were $588.292 million, down from $648.212 million during the corresponding period of FY22, showing a decline of $59.920 million. During this period, trade surplus of $529.083 million was recorded with Bangladesh.

Exports from Pakistan to Afghanistan declined by 26% to $54.249 million during March 2023 compared to $73.516 million during March 2022.\ However, exports to Afghanistan increased by 8.4% during the first nine months of FY23, reaching $400.771 million, up from $369.625 million during the corresponding period of the previous fiscal year. During this time, trade surplus of $386.902 million was recorded with Afghanistan.

Exports to Sri Lanka fell by 39.1% to $21.692 million during March 2023 compared to $35.638 million during March 2022. Total exports to Sri Lanka for the July-March period of FY23 were $222.855 million, representing a 21.7% decrease from $284.821 million during the same period of FY22. Grade surplus with Sri Lanka was $184.370 million during the period under review.

Exports to India, Nepal, Bhutan and Maldives remained low during 9MFY23 compared to the same period of the previous year. Exports to India, Nepal, Bhutan, and Maldives remained at $0.221 million, $2.250 million, $0.048 million, and $6.185 million, respectively, during 9MFY23 compared to $1.006 million, $4.792 million, $0.025 million, and $5.076 million, respectively, during the corresponding period of last year. Export to Iran during 9MFY23 stood at $0.027 million.

Credit: Independent News Pakistan-WealthPk