Arsalan Ali

Pakistan's exports to member countries of the Association of Southeast Asian Nations (ASEAN) increased 2.3% to $768.670 million during the first seven months (July-January) of the current fiscal year (2022-23) compared to $750.756 million during the previous year, WealthPK reported.

According to data from the State Bank of Pakistan (SBP), the country’s exports to Malaysia, Singapore, Vietnam, Thailand, the Philippines, Indonesia, Cambodia, Myanmar, Laos, and Brunei declined by 34% on a year-on-year (YoY) basis and reached $92.4 million compared to $141.742 million during the corresponding period the previous year.

During the first seven months of FY23, Pakistan’s imports from ASEAN countries totalled $4.887 billion, while the trade deficit stood at $4.118 billion. Pakistan had a trade surplus with the Philippines and Cambodia during the period under review, but a trade deficit with Malaysia, Singapore, Vietnam, Thailand, Brunei, Indonesia, Myanmar, and Laos. Singapore remained the top destination for Pakistani goods during the period under consideration.

The exports to Singapore remained at $26.730 million in January 2023, down from $42.109 million during the same month of the previous fiscal year. Pakistan’s exports to Singapore increased by 2% during July-January FY23, reaching $183.734 million, up from $180.035 million during the same period of the previous fiscal. The trade deficit with Singapore was $1.634 billion during the first seven months of FY23.

Compared to the same month of last fiscal year, Pakistan's exports to Malaysia fell by 64% to $15.089 million in January 2023. Pakistan made exports worth $172.183 million to Malaysia during July-January FY23, a 25% decrease from $230.887 million during the same period of FY22. The trade deficit with Malaysia was $469.874 million.

In January 2023, Pakistan exported $11.211 million worth of goods to Vietnam, showing a decline of 1.6%, compared to $11.4 million during the same month of the previous fiscal year. The exports to Vietnam totalled $145.215 million during July-January FY23, up from $120.19 million during the same period of FY22. The trade deficit with Vietnam was recorded at $11.989 million during July-January FY23.

The exports to Thailand stood at $13.152 million during January FY23, showing a decline of $1.481 million compared to the same month of the previous fiscal year. Pakistan’s exports to Thailand reached $85.044 million during the first seven months of FY23, up from $69.042 million during July-January FY22, representing a 23% increase. The trade deficit with Thailand was recorded at $360.051 million.

Pakistan’s exports to the Philippines remained at $6.906 million in January 2023 compared to $17.219 million during January 2022. During July-January FY23, the exports to the Philippines grew by 17% and reached $74.164 million against $63.366 million during July-January FY22. A trade surplus of $24.535 million was recorded with the Philippines.

In January 2023, the exports to Indonesia remained at $13.725 million, showing an increase of $3.366 million compared to the same period of the last year. Total exports from Pakistan to Indonesia from July-January FY23 were $80.240 million, a 26% increase from $63.487 million during the same period in FY22. A trade deficit of $1.675 billion was recorded with Indonesia during the period under review.

Pakistan’s exports to Cambodia reached $4.947 million in January 2023, representing a rise of $2.830 million compared to the same period last year. The exports from July-January FY23 were recorded at $21.209 million compared to $11.201 million during the same period of the previous fiscal year, showing an increase of 89%. A trade surplus of $19.377 million was recorded with Cambodia. From July-January FY23, Pakistan’s exports to Myanmar, Laos, and Brunei were recorded at $5.966 million, $0.530 million, and $0.385 million, respectively.

Credit: Independent News Pakistan-WealthPk