The Pakistan’s exports to different regional countries, including Afghanistan, China, Bangladesh, Sri Lanka, Iran, Nepal, Bhutan, and the Maldives have come down during the eight months of the current fiscal year. It is $1.171 billion this year from $1.504 billion last year.
According to the released report of the State bank of Pakistan, the trade deficit of Pakistan also minimized along with exports, the imports have also been decreased. The Pakistan’s exports to Afghanistan fell 13.6% to $629.324 million during the eight months of this financial year from $728.315 million during the same period last year.
Some years back, the exports to Afghanistan were in second position after the USA. The import from Afghanistan includes the items like tomatoes, potatoes, onions, and fresh and dry fruits. The Pakistan’s exports to China came down by 1.61% to $1.160 billion during the eight months of this fiscal year from 1.179 billion during the same period last year. The decline in export was noted even though the Ministry of Commerce claims to have brokered preferential market access for the local product under the second phase of a free trade agreement with China.
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Pakistan’s export to India dropped tremendously which is 89% from 19.738 million in the eight months of the fiscal year 2020. Exports to India plunged by a whopping 90.8 % to $28.644 million in the whole fiscal year, 2020 from $311.958 million as compared to the fiscal year 2019. The government of Pakistan suspended trade relations with India.
The Pakistan’s exports to Iran raised 247% to $0.19 million in the eight months of this financial year from $0.055 million during the same period last year. Most of the trade with Iran carried out through informal channels in border acres of Baluchistan. Exports to Bangladesh also fell to 26.5% to $375.582 million in the eight months of the current fiscal year from $512.089 million.
Pakistan has approached Bangladesh to revive the talks to facilitate trade. The Pakistan’s exports to Sri Lanka came down by 28.56% to $256.252 million in the months of this financial year from $218.726 million during the same period last year. Pakistan has signed the first-ever FTA with Sri Lanka but the trade between the two countries could not take appreciable shape this year.