Arsalan Ali

The export of different items from Pakistan to several Southeast Asian countries including Indonesia, Philippines, Thailand and Vietnam registered a marked increase in the first month of the current fiscal, WealthPK reports. The data of the State Bank of Pakistan (SBP) shows that exports from Pakistan to Indonesia, Philippines, Thailand and Vietnam surged by 74%, 87%, 35%, and 57%, respectively, in the first month of the current financial year as compared to the corresponding period of the previous fiscal.

                                             SBP/WealthPK research

It shows that exports of different items from Pakistan to Indonesia reached $8.935 million in July 2022 as compared to $5.127 million in July 2021. However, on month-on-month basis, Pakistan’s exports to Indonesia declined by 44% and dipped to $8.935 million in July 2022 from $16.209 million in June 2021. The trade deficit with Indonesia was recorded at $214.145 million in July 2022. The trade volume with Indonesia in 2021 was recorded at $2,798.661 million.

According to the UN Comtrade database, major export items to Indonesia from Pakistan include aircraft, spacecraft, beverages, spirits and vinegar, cotton, edible fruits, and cereal. Major import items from Indonesia to Pakistan include vegetable fats and oil, cleavage products, mineral fuels, oils, distillation products, manmade staple fibers and vehicles other than railways and tramways.

Likewise, exports from Pakistan to the Philippines reached $7.129 million in July 2022 from $3.822 million in July 2021, witnessing an increase of 86%. In July 2022, trade was in Pakistan’s favour. The trade surplus was recorded at $5.520 million. The trade volume with the Philippines during the last fiscal year stood at $189.938 million.

Major export items to the Philippines from Pakistan include beverages, spirits, vinegar, pharmaceutical products, fruits, textile articles, set-worn clothing and cereal. Major import items from the Philippines to Pakistan include vehicles other than railways, tramways, iron, and steel, vegetables, fruits, nut food preparation, cereal, flour, starch, milk preparation and products.

Also, exports to Thailand spiked by 35% and reached $12.652 million in July 2022 as compared to $9.352 million in July 2021. Trade was not in Pakistan’s favour as the trade deficit with Thailand was recorded at $50.134 million in the first month of the current fiscal. The trade volume with Thailand was recorded at $1,616.930 million. Export items to Thailand from Pakistan include fish, crustaceans, molluscs, aquatics invertebrates, mineral fuels, oil, distillation products, other made textile articles, sets, and worn clothing.

Imports from Thailand include vehicles other than railways, tramways, plastics, organic chemicals, manmade staple fibres, machinery, nuclear reactor, boilers and rubber.

Furthermore, exports to Vietnam grew by 57% and reached $30.859 million in the first month of the current fiscal as compared to $19.652 million in July 2021. During that period, the trade surplus with Vietnam was recorded at $15.754 million.

The trade volume with Vietnam in the previous fiscal was recorded at $839.180 million. Major export items to Vietnam from Pakistan include cereal, cotton, raw hides and skins, leather, residues, waste from the food industry, animal fodder, fish, crustaceans, molluscs, and aquatics invertebrates. The import items from Vietnam to Pakistan include electric and electronic equipment, manmade filaments, coffee, tea, mate and spices, rubber and plastics, according to the information gathered by WealthPK.

Credit : Independent News Pakistan-WealthPk