Pakistan’s exports to seven regional countries increased by 20.61% in the first ten months of the financial year 2023-24, totaling $3,655.483 million. China led with the highest exports, followed by Bangladesh and Afghanistan. Imports from the same countries showed an increase of 26.77%, with China being the top importing country.
ISLAMABAD: Pakistan’s exports to the seven regional countries witnessed an increase of 20.61 per cent in the first ten months of the financial year (2023-24) as compared to the corresponding months of last year, ARY News reported.
“The country’s exports to the regional countries including Afghanistan, China, Bangladesh, Sri Lanka, India, Nepal, and the Maldives account for a small amount of $3,655.483 million, which is 14.24 per cent of Pakistan’s overall exports of $25,669.182 million during July-April (2023-24),” State Bank of Pakistan (SBP) reported.
China tops the list of countries in terms of Pakistan’s exports to its neighbouring, leaving behind other countries such as Bangladesh and Afghanistan.
Pakistan carried out its border trade with the farther neighbour Sri Lanka, India, Nepal, and Maldives.
Pakistan’s exports to China witnessed an increase of 37.68 per cent to $2,341.089 million in ten months of this year from $1,700.303 million last year while exports to Afghanistan witnessed a nominal decline of 0.54 percent from $435.954 million to $433.567 million.
The country’s exports to Bangladesh also decreased by 15.82 percent to $542.165 million this year from $644.104 whereas exports to Sri Lanka rose by 35.83 percent to $326.995 million from $240.732.
The exports to India increased to $1.376 million from $0.250 million in the previous year.
Exports to Nepal decreased by 1.38 per cent to $2.420 million from 2.454 million while to Maldives increased by 13.90 cent to $7.671 million from 6.783 million, it added.
On the other hand, the imports from seven regional countries were recorded at $10,925.280 million during the period under review as compared to $8,617.786 million during last year, showing an increase of 26.77 per cent.
The imports from China during July-April 2023-24 were recorded at $10,648.334 million against the $8,343.937 million during July-April 2022-23, showing an increase of 26.61 per cent during the period.
Among other countries, imports from India are worth $172.076 million against the imports of $151.987 million, an increase of 13.61 per cent while imports from Afghanistan decreased by 47.34 percent from $13.959 million to $7.350 million.
Meanwhile, imports from Sri Lanka increased to $49.055 million from $40.923 million whereas Pakistan imports from Bangladesh recorded $ 48.040 million from $66.218 million during last year.
The imports from Nepal into the country witnessed a decrease of 61.71 per cent from $0.734 million to $0.281 million, it added.
Amidst the evolving landscape of global trade, Pakistan’s regional exports have marked a staggering 20% surge over the past 10 months, signifying a pivotal boost to the nation’s economic prosperity. This commendable upturn underscores the resilience and potential of Pakistan’s export sector, positioning it as a significant player in the realm of international trade.
Source: ARY NEWS
Pakistan’s exports to regional countries surged by 20.61% in the fiscal year 2023-24, totaling $3,655.483 million. Notably, China led in exports, while imports from regional countries also saw a 26.77% rise. Key contributors to this growth included China, Sri Lanka, and India. These developments signify significant regional trade expansion for Pakistan and highlight the country’s strengthening economic ties with neighboring nations.
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