Arsalan Ali

Pakistan’s exports to Japan increased while exports to South Korea declined during the first 11 months (July-May) of the fiscal year 2022-23 compared to the corresponding period of 2022-23.

According to data from the State Bank of Pakistan (SBP), exports to Japan during 11MFY23 amounted to $190.697 million, showing an increase of $15.920 million compared to the corresponding period of FY22 when exports were at $174.777 million. Conversely, imports from Japan during the period under review were recorded at $847.845 million, against $1.890 billion during the same period of the previous year. Consequently, Pakistan had a trade deficit of $657.148 million with Japan during the period under review. In a year-over-year (YoY) comparison, exports to Japan during May 2023 saw a marginal increase, maintaining a value of $15.993 million compared to $15.977 million during the corresponding month of the previous fiscal year.

Cotton, articles of apparel knit or crocheted, fish, crustaceans, molluscs, aquatic invertebrates, other made textile articles, sets, worn clothing, optical, photo, technical, medical apparatus, articles of iron and steel, articles of leather, animal gut, harness, and travel goods are among the major export items from Pakistan to Japan, according to data from the UN Comtrade database. Vehicles other than railways and tramways, iron and steel, machinery, nuclear reactors, boiler, ships, boats, and other floating structures, electric and electronic equipment, plastic, organic chemicals, rubber, paper and paperboard, articles of pulp, paper, and board are major exports from Japan to Pakistan. During 11MFY23, exports to South Korea experienced a decline of 2.46%, reaching $183.982 million, down from $188.633 million during the corresponding period of FY22, reflecting a decrease of $4.651 million.

Imports from South Korea during July-May FY23 remained at $751.839 million compared to $1.418 billion during the corresponding period of last year. In terms of YoY comparison, exports to South Korea in May 2023 amounted to $19.008 million, showing a significant increase of 26% compared to $15.001 million during the same month of the previous year. Pakistan faced an unfavourable trade balance, with a trade deficit of $567.857 million with South Korea during 11MFY23. Data shows that cotton, lead, knit or crocheted articles of apparel, salt, sulphur, stone, plaster and cement, fish, crustaceans, molluscs, aquatic invertebrates, oil seed, oleagic fruits, grain, seed, and fruit are among the major export items from Pakistan to South Korea. Furthermore, vehicles other than railways and tramways, iron and steel, plastic, mineral fuel, oil, distillation products, machinery, nuclear reactors, boiler, and organic chemicals are among South Korea's major exports to Pakistan.

Credit: INP-WealthPk