Exports from Pakistan to nine regional countries have shown an increase of 16.97 percent while imports rose approximately 28.84 percent in FY22 as compared to last year’s, according to the latest data released by the State Bank of Pakistan.
The country’s exports to Afghanistan, Bangladesh, China, Sri Lanka, Iran, Nepal, India, Bhutan, and the Maldives witnessed a small amount of $4.590 billion — only 14.43 percent of Pakistan’s entire global exports of $31.79 billion in FY22.
Among all the other countries, China tops the list of Pakistan’s regional exports.
Meanwhile, imports from these countries went up to $17.814 billion in FY22 compared to $13.826 billion over the same period last year, a growth of 28.84 percent.
Read more: Pakistan’s trade deficit increased to an all-time high of $48 billion in FY22
Accordingly, Pakistan’s trade deficit with the region expanded during the time period under review.
Pakistan’s exports to China, as per SBP data, recorded a growth of 36.12 percent to $2.781 billion in FY22 from $2.043 billion in FY21. This increase in export profits was recorded in the post-Covid period especially the exports of rice.
However, the country’s exports to Afghanistan showed a negative growth of 43.8 percent to $552.518 million in FY22 against $983.314 million in the corresponding period last year.
The country’s exports to India also showed an upsurge of 44.47 percent to $1.292 million this year compared to $2.327 million in FY21. Besides, exports to Bangladesh grew 41.28 percent to $870.604 million in FY22 from $616.202 million.
Likewise, exports to Sri Lanka witnessed an increase of 38.72 percent to $373.412 million in FY22 against $269.168 million last year.
The country’s exports to Nepal grew 26.2 percent to $5.775 million in FY22 from $4.576 million last year. Though, imports also increased 12.62 percent to $1.401 million this year compared to $1.244 million over the past year.
Meanwhile, exports to other regional countries like Maldives jacked up by 14.29 percent to $6.917 million from $6.052 million. Import also jumped 1.314 percent to $1.301 million this year compared to $0.092 million over the last year.
Pakistan’s export proceeds to Bhutan were noted at $0.082 million in FY22 as compared to $0.159 million over the same period last year, showing a decrease of 48.42 percent. However, the imports from Bhutan were recorded at $2.499 million in FY22 from $0.075 million over the previous year, a growth of $2.424 million (3232 percent).