Arsalan Ali

Pakistan’s exports to the Central Asian countries grew by 33 percent during the first nine months (July-March) of the current Fiscal Year FY22-23, reaching $166.205 million compared to $124.774 million during the corresponding period of the previous year, reports WealthPK.

According to the data released by the State Bank of Pakistan, exports to Kazakhstan, Uzbekistan, Tajikistan, Kyrgyzstan, and Turkmenistan experienced a remarkable surge on year-over-year (YoY) basis. The figures indicate that in March 2023, exports to these countries reached $35.742 million, reflecting a substantial increase of $30.302 million in comparison with $5.440 million recorded in March 2022. Imports from Central Asian countries amounted to $22.623 million from July to March in the current 

fiscal year. Nevertheless, Pakistan managed to maintain a trade surplus, with the surplus reaching $143.582 million. Notably, Pakistan registered a trade surplus with Kazakhstan, Uzbekistan, Kyrgyzstan, and Tajikistan during the first nine months of the current fiscal year while recording a trade deficit with Turkmenistan.  During the period under review, Pakistan secured a prominent position as the primary exporter of goods to Kazakhstan, among other Central Asian countries.

Exports to Kazakhstan increased by 413 percent YoY, with an export value of $12.864 million in March 2023, compared with $2.508 million during the same month of the previous year. However, there has been a decline in Pakistan’s exports to Kazakhstan during the nine months of the current fiscal year, with total exports amounting to $72.423 million. This is a significant decrease from the $88.096 million recorded during the same period in the previous fiscal year, representing a decline of $15.673 million. Despite this decline, the trade surplus during that period stood at $68.074 million with Kazakhstan.

Exports to Uzbekistan in March 2023 amounted to $11.419 million compared to the same month in the previous fiscal year, where exports stood at $2.352 million. However, the overall exports to Uzbekistan during the first nine months (July-March) of the current fiscal year showed a substantial increase compared to the same period last year. The total exports to Uzbekistan during this period reached $64.637 million, marking a significant rise of $33.087 million from the previous year’s figure of $31.550 million. Moreover, during this nine-month period, the trade surplus amounted to $52.554 million.

Pakistan experienced a significant surge in exports to Tajikistan in March 2023 compared with the same time frame in the previous year. The recorded exports for March 2023 amounted to $5.871 million against $0.298 million in March 2022. Moreover, exports from Pakistan to Tajikistan from July to March of the current fiscal year demonstrated a remarkable growth of 671 percent, reaching $19.980 million compared to $2.590 million during the corresponding period of the last year. Pakistan recorded a trade surplus of $16.718 million with Tajikistan.

Exports to Kyrgyzstan remained at $5.519 million in March 2023 against $0.282 million during the same month of the previous fiscal. Notably, the total exports to Kyrgyzstan saw an impressive surge during the July-March period of the fiscal year 2022-23, reaching $8.306 million against $1.870 million in the previous fiscal year’s corresponding period. Furthermore, a notable trade surplus of $8.171 million was recorded with Kyrgyzstan during July-March FY23. Exports to Turkmenistan remained at $0.069 million in March 2023. Exports to Turkmenistan during July-March period of the current fiscal year totaled $0.859 million against $0.668 million during the same period of last year.

Credit: Independent News Pakistan-WealthPk