Arsalan Ali

Exports from Pakistan to the

Association of South East Asian Nations (ASEAN) countries recorded a growth of 2.4% and reached $390.201 million in the first four months of the current fiscal year compared to $381.050 million in the same period of the previous fiscal year, according to data shared by the State Bank of Pakistan (SBP).

Exports to ASEAN member countries, which include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, witnessed a decline of 15% on a year-over-year (YoY) basis, and reached $87.908 million in October 2022 as against $103.120 million in the same month of the previous fiscal year.

In the first four months of FY23, imports from ASEAN countries totalled $3.049 billion with a trade deficit of $2.659 billion for Pakistan.

The period under consideration shows that Pakistan had a trade surplus with Cambodia, the Philippines, and Vietnam, while the trade deficit was recorded with Brunei, Indonesia, Laos, Malaysia, Thailand, Myanmar, and Singapore.

Vietnam was the top export destination for Pakistan in July-October FY23 followed by Malaysia and Singapore. Exports worth $20.167 million were recorded from Pakistan to Malaysia in October 2022 compared to $32.244 million in the same month of the previous fiscal year. In July-October FY23, Pakistan exported $91.618 million worth of goods to Malaysia, a decline of 20% from $115.589 million in July-October FY22. Trade deficit of $308.069 million was recorded with Malaysia during this period.

Exports to Singapore in October 2022 stood at $17.475 million, down from $22.109 million in the same month of the previous fiscal year. In July-October FY23, exports from Pakistan to Singapore registered a decline of 32%, and reached $53.474 million compared to $79.253 million in the same period of the previous fiscal year. Trade deficit with Singapore was recorded at $1,110.437 million in the period under review.

In October 2022, Pakistan exported $15.635 million worth of goods to Vietnam compared to $17.069 million in the same month of the previous fiscal year. Exports to Vietnam totaled $101.288 million in July-October FY23, up from $83.387 million in the same period of FY22.

Exports to Thailand were recorded at $11.895 million in October 2022 compared to $8.025 million in October 2021, showing an increase of $3.870 million. In July-October FY23, exports from Pakistan to Thailand reached $47.821 million, up from $30.324 million in July-October FY22. Trade deficit with Thailand stood at $251.822 million in the period under review.

Exports to the Philippines were recorded at $9.917 million in October 2022 compared to $10.487 million in October 2021, representing a decline of $0.570 million. In July-October FY23, exports to the Philippines grew by 33% and reached $39.933 million against $29.890 million in July-October FY22.

In October 2022, exports to Indonesia reached $9.118 million, up from $8.782 million in October 2021, showing an increase of $0.336 million. Total exports from Pakistan to Indonesia in July-October FY23 were $39.282 million, a 30% increase from $30.028 million in the same period in FY22. Trade deficit of $1,029.647 million was recorded with Indonesia in the period under review.

Exports worth $2.863 million were recorded from Pakistan to Cambodia in October 2022 compared to $1.427 million in the same month of the previous fiscal. Total exports in July-October FY23 were recorded at $11.425 million compared to $5.563 million in the same period of the previous fiscal.

Credit : Independent News Pakistan-WealthPk