Goods and services trade with neighboring countries Pakistan and Bangladesh witnessed an increase of 43.14 percent in twelve months of the fiscal year (FY22) when compared to the same period of the previous year.
According to the recent data released by the State Bank of Pakistan (SBP), the overall exports to Bangladesh were noted at $870.604 million during July-June (2021-22) as compared to the exports of $616.202 million during July-June (2020-21), presenting an increase of 41.28 percent.
On a year-to-year basis, exports to Bangladesh during June 2022 also grew by 35.11 percent, from $64.490 million to $87.135 million.
Meanwhile, on a month-on-month basis, exports of Bangladesh also showed an increase of 39.15 percent during June 2022 in comparison with exports of $62.615 million during May 2022, SBP data unveiled.
Generally, Pakistan’s exports to all countries also recorded a growth of 26.56 percent during the twelve months, from $25638.974 million to $32450.087 million, according to the SBP data.
In contrast, the trade imports from Bangladesh during the period under review were recorded at $97.5 million as compared to $76.134 million a year ago, displaying an increase of 28.06 percent.
On a year-to-year basis, imports from Bangladesh during June 2022, also grew by 363.95 percent from US $3.082 million a year ago to US $14.299 million.
Moreover, SBP data further revealed that on a month-on-month basis, the import from Bangladesh registered an increase of 129.26 percent during June 2022 as compared to the import of US $6.237 million in January 2022.
The overall imports also rose by 32.75 percent, as compared from US $54272.920 million to US $72.048 million during the period under review.
The trade surplus during the period under consideration was noted at $773.104 million in comparison with $540.068 million during the corresponding period of last year, presenting a 43.14 percent growth.