By Arsalan Ali

ISLAMABAD, Oct 24 (INP WealthPK): Pakistan exported goods worth $302.294 million to the members of the Association of Southeast Asian Nations (ASEAN) in the first quarter (July-Sept) of the current financial year (2022-23), representing a growth of 9% from $277.929 million in the same period of the preceding year.

Data from the State Bank of Pakistan (SBP) shows that on a year-over-year (YoY) basis, exports from Pakistan to ASEAN member countries declined by 7% to $90.525 million in September 2022 from $96.915 million in September 2021.

In the first three months of the current fiscal year, imports from ASEAN countries totalled $2.458 billion, with a trade deficit of $2.156 billion. During the period under review, Pakistan had a trade surplus with Vietnam, the Philippines, and Cambodia, while a trade deficit was recorded with Thailand, Singapore, Myanmar, Malaysia, Indonesia, Brunei and Laos.

Among ASEAN member countries, Vietnam was the top export destination for Pakistan during July-September FY23 followed by Malaysia and Singapore.

Exports from Pakistan to Vietnam stood at $19.514 million in September 2022, showing a decrease of $0.171 million compared to the corresponding month of the previous fiscal. Exports from Pakistan to Vietnam totalled $85.653 million in July-September FY23, up from $66.318 million in July-September FY22, representing a 29% increase. From July-September FY23, the trade surplus was recorded at $15.592 million.

Exports of goods worth $21.628 million from Pakistan to Malaysia were recorded in September 2022 compared to $27.855 million in same month of the previous fiscal. In Q1 FY23, exports from Pakistan to Malaysia were recorded at $71.451 million, a decline from $83.345 million (14%) during the same period of the previous fiscal year. The trade deficit with Malaysia was recorded at $264.078 million in Q1 FY23.

Exports to Singapore were recorded at $10 million in September 2022 compared to $20.366 million in September 2021. From July-September FY23, exports from Pakistan to Singapore were recorded at $35.999 million

compared to $57.144 million during the same period of the previous fiscal year. The trade deficit with Singapore was recorded at $948.105 million in Q1 of FY23.

In September 2022, exports to Thailand reached $11.683 million, up from $6.529 million in September 2021. The total exports from Pakistan to Thailand during the period under review were $35.926 million, a 61% increase from $22.299 million during the same period in FY22. A trade deficit of $200.264 million was recorded with Thailand in first three month of FY23.

Exports to Indonesia were recorded at $12.439 million in September 2022 compared to $10.234 million in September 2021. From July-September FY23, exports from Pakistan to Indonesia reached $30.165 million, up from $21.246 million during July-Sep FY22, showing a growth of 42%. The trade deficit with Indonesia stood at $788.390 million in Q1FY23.

In September 2022, exports to the Philippines reached $8.616 million, down from $9.520 million in September 2021, a decline of 9%. In July-September FY23, Pakistan exported $30.016 million worth of various goods to the Philippines, up from $19.404 million during the same period of the previous fiscal. The trade surplus with the Philippines stood at $26.026 million.

Exports from Pakistan to Cambodia stood $4.505 million in September 2022 against $1.189 million in September 2021. The total exports from Pakistan to Cambodia from July-September FY23 were $8.562 million, a significant increase of 107% from $4.136 million during the same period of FY22. A trade surplus of $8.139 million was recorded with Cambodia in Q1FY23.

From July-September FY23, exports to Myanmar, Laos and Brunei were recorded at $4.246 million, $0.161 million and $0.115 million.

Credit : Independent News Pakistan-WealthPk