ISLAMABAD: Pakis­tan’s trade deficit with nine regional countries wide­ned by 30.23 per cent to $7.272 billion in 10MFY24 from $5.584bn in the same period last year.

An increase in imports mainly from China and India caused the trade deficit during July-April 203-24. According to data compiled by the State Bank of Pakistan, exports to regio­nal countries, mainly Chi­na, grew over the review period, but shipments to other regional countries remained negative.

In absolute terms, the value of Pakistan’s exports to the nine regional countries — Afghanistan, Chi­na, Bangladesh, Sri Lanka, India, Iran, Nepal, Bhutan and the Maldives — rose 20.62pc to $3.655bn in July-April from $3.030bn in the corresponding period FY23.

Contrary to this, imports increased by 26.85pc to $10.927bn in 10MFY24 from $8.614bn in the same period last year. This sho­ws a slight increase in the trade deficit with maximum countries in FY24. Pak­istan’s bulk of regional exports, over 60pc, go to China while the rest go to the remaining eight countries.

Exports to China incre­ased 37.7pc to $2.341bn in July-April FY24 from $1.700bn over the corresponding period 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.

Imports from China also increased by 27.69pc to $10.65bn in 10MFY24 from $8.34bn in the corresponding months of last year. The bulk of imports in the region are also sourced from China, followed by India.

Pakistan’s imports from India increased by 13.21pc to $172.07m in 10MFY24 compared to $151.98m in the same per­iod last year. Exports to India stood at $1.37m pc this year compared to $0.25m during the same period last year.

Published in Dawn, May 31st, 2024

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Price bombs
Updated 18 Jun, 2024

Price bombs

It just wants to take the easy route and enjoy the ride for however long it is in power.
Palestine’s plight
Updated 17 Jun, 2024

Palestine’s plight

While the faithful across the world are celebrating with their families, thousands of Palestinian children have either been orphaned, or themselves been killed by the Israeli aggressors.
Profiting off denied visas
17 Jun, 2024

Profiting off denied visas

IT is no secret that visa applications to the UK and Schengen countries come at a high cost. But recent published...
After the deluge
Updated 16 Jun, 2024

After the deluge

There was a lack of mental fortitude in the loss against India while against US, the team lost all control and displayed a lack of cohesion and synergy.
Fugue state
16 Jun, 2024

Fugue state

WITH its founder in jail these days, it seems nearly impossible to figure out what the PTI actually wants. On one...
Sindh budget
16 Jun, 2024

Sindh budget

SINDH’S Rs3.06tr budget for the upcoming financial year is a combination of populist interventions, attempts to...