Pakistan’s Regional Exports Decline By 22% In 8MFY21

Port of Karachi.

Pakistan’s exports to regional countries declined by 22% in the first eight months of the current fiscal year due to the impact of COVID-19.

This was disclosed according to the latest data compiled by the State Bank of Pakistan (SBP).

Exports to India, Afghanistan, China, Bangladesh, Sri Lanka, Iran, Nepal, Bhutan, and the Maldives fell to $1.171 billion in 8MFY21, from $1.504 billion the previous year.

Pakistan’s exports to Afghanistan fell 13.6% to $629.324 million in 8MFY21 from $728.315 million in 8MFY20.

A few years ago, Afghanistan was Pakistan’s second major export destination.

Pakistan’s exports to China also declined by 1.61% to $1.160 billion in 8MFY21 from $1.179 billion in 8MFY20.

The exports witnessed a decline even though the Ministry of Commerce claims to have brokered favorable market access for local products under the free trade agreement with China.

The country’s exports to India plunged by 89% to $2.085 million this year from $19.738 million in 8MFY20.

Exports to India declined by a whopping 90.8% to $28.644 million in the whole FY20 from $311.958 million over FY19. The government suspended trade ties with New Delhi last year. 

Nevertheless, the government has allowed imports of raw materials for pharmaceuticals. It is also contemplating allowing the import of cotton yarn from India to bridge the local production’s shortfall.

The exports to Iran jumped 247% to $0.191 million in 8MFY21 from $0.055m in 8MFY20.

The majority of trade with Iran is carried out via informal channels in border areas of Balochistan.

Exports to Bangladesh decreased 26.65% to $375.582 million in 8MFY21 from $512.089 million.

Islamabad has reached out to Dhaka to revive talks to facilitate trade between the two nations.

Likewise, exports to Sri Lanka dipped by 28.56% to $156.252 million in 8MFY21 from $218.726 million in the previous year.

Islamabad has signed the first-ever FTA with Colombo, but trade between the two nations remains far behind its true potential.

Meanwhile, exports to Nepal plunged by 85% to $2.852 million in 8MFY21 from $19.172 million the previous year, while those to the Maldives dipped by 39.95% to $3.504 million from $4.904 million.

The export proceeds to Bhutan were recorded at $0.043 million in 8MFY21 as against $0.094 million over the last year.

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  • کیا لوگوں کو چ بنانے کا ٹھیکہ لے رکھا ہے ابھی کونسا 8واں مہینہ چل رہا 3یسرے مہینے میں 8ویں مہینے کی ریپورٹ کیا ایڈمن نے ن لیک جوائن کرلی ہے یا ہمکو کھوتیا سمجھ لیا ہے۔

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