Raza Khan

Pakistan’s trade deficit with Australia declined by 2.48% to $94.43 million during the first five months (July-November) of the current fiscal year from $96.84 million during the same period of last year, according to the Ministry of Commerce. Pakistan’s bilateral trade with Australia was recorded at $349 million during the first five months of FY23 against $324.62 million during the corresponding period of last year, with an addition of 7.69%.

Pakistan’s exports to Australia rose to $127.58 million during the period under review from $113.89 million during the same period of FY22, with an increase of 12%. Imports from Australia grew by 5.35% and went up to $222.02 million during July-November FY23 from $210.73 million during the corresponding period of the preceding year.

During November 2022, Pakistan’s exports to Australia posted 15% growth and rose to $26.38 million from $23.07 million during the same month of 2021. Imports from Australia grew significantly by 109% during the month under review to $68.05 million from $32.46 million during the corresponding month of last year.

According to an estimate of the Ministry of Commerce, Pakistan has the potential to enhance its exports to Australia up to $500 million within three to five years. Exports of textile, and food items, especially rice and leather goods, can be enhanced within minimum time as these commodities are in high demand in Australia. Total volume of Pakistan’s bilateral trade with Australia in 2021-22 was recorded at $658 million against $635 million during the preceding year.

According to Consulate General and Trade Commission of Pakistan in Sydney, Pakistan’s top-10 export products to Australia include textile made-ups, garments, iron and steel (mainly pipes), cereals (mainly basmati rice), leather goods (mainly gloves), processed food (mainly spices), textile fabrics, surgical instruments, sports goods and miscellaneous agro food items. The top 10 products constitute 95% of Pakistan’s exports to Australia. At the product group level, textile group constitutes 69% of exports, agro-food group 12.6%, metals group 7.2%, leather group 6.1%, and surgical instruments 3.3%.

To promote exports to Australia, the Ministry of Commerce has established a bilateral Joint Trade Committee (JTC) in collaboration with relevant Australian authorities. The Ministry of Commerce, Pakistan’s Consulate General in Sydney and the Pakistan Software Export Board (PSEB) have launched a joint program to promote IT services in Australia.

Pakistan’s imports from Australia include pulses, LNG and coal, iron and steel (scrap and flat-rolled), unwrought zinc, wood products (mainly paper, paperboard), fertilisers (DAP), metals, office machinery, chocolates, dyes and pigments. The major product categories of import include food items (42%), petroleum products (24%), metals (19%), agricultural and other chemicals (8%), and machinery (3%).

Credit : Independent News Pakistan-WealthPk