ISLAMABAD: Driven by higher shipments to China, the exports to nine regional countries witnessed a year-on-year growth of 14.3 per cent during the first four months of the current fiscal year, showed data released by the State Bank of Pakistan (SBP) on Monday.
The country’s exports to Afghanistan, China, Bangladesh, Sri Lanka, India, Iran, Nepal, Bhutan and the Maldives rose to $1.443 billion in July-October from $1.263bn in the corresponding period last year.
In FY23, exports to these regional countries dipped 21.1pc to $3.331bn over the preceding year.
Almost 61 per cent of Pakistan’s regional exports were destined for China and the rest to the remaining eight countries.
Exports to China increased 40.36pc to $952.22m in July-October FY24 from $678.38m over the corresponding months of last year. In FY23, the exports to China declined 27.3pc to $2.02bn from $2.78bn in FY22. It was the first decrease in the post-Covid period.
Pakistan’s exports to Afghanistan grew 2.64pc to $128.53m in July-Oct FY24 from $176.02m in the same months last year.
A few years ago, Afghanistan was the second major export destination for Pakistan after the United States. The export figures did not include proceeds materialised through the land routes.
No exports were made to Iran on the official channel in the first four months of the current fiscal year. Most of the trade with Tehran is carried out through informal channels in border areas of Balochistan.
The country’s exports to India declined 37pc to $0.069m in 4MFY24 from $0.110m in the corresponding months last year. Exports to Bangladesh decreased 34.74pc to $192.19m from $294.49m in July-October 2022. Exports to Sri Lanka increased by 2.68pc to $114.47m in 4MFY24 from $111.48m in the same period last year.
On the other hand, exports to Nepal increased year-on-year by 11.76pc to $1.14m in 4MFY24. Shipments to the Maldives increased by 17.49pc to $3.09m from $2.63m. No export to Bhutan was recorded in 4MFY24.
Published in Dawn, November 28th, 2023
