Arsalan Ali

Exports from Pakistan to 17 regional countries dipped by 18.4% in the first 10 months (July-April) of the current Fiscal Year 2022-23 compared to the corresponding period of the last fiscal year, reports WealthPK. Data from the State Bank of Pakistan (SBP) shows that exports to Afghanistan, Bangladesh, China, India, Sri Lanka, Iran, Nepal, Bhutan, Maldives, Singapore, Malaysia, Vietnam, Thailand, Philippines, Indonesia, Cambodia, and Myanmar amounted to $4.1142 billion against $5.0438 billion during the same period of the last year.

China remains the top destination for Pakistan's regional exports. However, exports to China declined during the 10MFY23 compared to the same period in the previous year. China accounts for the majority share of Pakistan's regional exports, amounting to 41.3%, with the remaining percentage distributed among 16 other countries. Exports to China in April 2023 remained at $176.251 million against $216.067 million during the same month in the previous fiscal year.

Exports declined 27.3% to $1.701 billion in July-April FY23 from $2.3429 billion during the same period of the previous year. However, imports from China also declined by 41.9pc to $8.3435 billion during the 10MFY23. Exports to Bangladesh fell by 22.8% to $55.811 million in April 2023 compared to $72.297 million in April 2022. The total exports to Bangladesh during July-April FY23 period were $644.104 million, down from $720.509 million during the same period of the last fiscal year, showing a decline of $76.405 million. During this period, a trade surplus of $578.061 million was recorded with Bangladesh.

Exports from Pakistan to Afghanistan declined by 47.7% to $34.911 million in April 2023 compared to $66.798 million in April 2022. However, exports remained stagnant in 10MFY23, reaching $435.682 million compared to $436.423 million during the same period of the previous fiscal year. During this time, a trade surplus of $421.723 million was recorded with Afghanistan.

Exports to Sri Lanka fell 37.1% to $17.861 million in April 2023 compared to $28.429 million in April 2022. The total exports for the July-April period were $240.716 million, representing a 23.1% decrease from $313.251 million during the same period of the last fiscal year. The trade surplus with Sri Lanka was $199.793 million. Exports to Singapore remained at $19.113 million in April 2023, down from $20.701 million in the same month of the previous fiscal year.

Exports declined by 25.5% between July and April of FY23, reaching $228.600 million, a decrease from $307.182 million in the same period of the previous fiscal. The trade deficit with Singapore was $2,207.972 million in the first 10 months of FY23. Exports to Malaysia fell by 16.5% to $34.507 million in April 2023 compared to $41.326 million in the same month of the last fiscal year.

Exports to Malaysia were worth $252.824 million during July-April FY23 from $357.953 million during the corresponding period of FY22 with a decrease of 29.3%. Trade deficit with Malaysia stood at $600.677 million. In April 2023, Pakistan exported $25.664 million worth of goods to Vietnam as against exports of $33.235 million during the same month of the previous fiscal year, showing a decline of 22.7%.

Exports to Vietnam totaled $213.710 million in July-April of FY23, up from $185.805 million in July-April FY22, showing a rise of $27.905 million. The trade surplus was recorded at $15.388 during July-April FY23. Exports to Thailand stood at $15.112 million in April 2023 against $18.160 million during the same month of the previous fiscal year. Exports reached $137.546 million in July-April FY23, up from $114.645 million during the same period of FY22, representing a 20% increase. The trade deficit with Thailand was recorded at $474.226 million.

Export to the Philippines remained at $8.369 million in April 2023 compared to $13.360 million in April 2022. From July-April FY23, exports to the Philippines declined by 14.3% and reached $103.260 million as against $120.526 million during the corresponding period of the last fiscal year. A trade surplus of $51.655 million was recorded with the Philippines.

In April 2023, export to Indonesia remained at $8.715 million, showing a decline of $4.143 million as compared to the same month of the last FY22. Total exports during July-April FY23 were $107.889 million as against $100.504 million during the same period of the last year, showing an increase of 7%. A trade deficit of $2,170.049 million was recorded with Indonesia.

Exports to Cambodia reached $2.867 million in April 2023 against $2.251 million in April 2022, representing an increase of $0.616 million. Total exports during July-April FY23 were worth $32.043 million compared to $18.776 million during the same period of the previous fiscal, showing an increase of 71%. A trade surplus of $29.414 million was recorded.

Exports to Myanmar, India, Nepal, Bhutan, and Maldives remained at $7.354 million, $0.250 million, $2.454 million, $0.048 million, and $6.783 million respectively during 10MFY23 compared to $13.426 million, $1.075 million, $5.063 million, $0.075 million, $5.719 million during the same period of the last year. Exports to Iran in 10MFY23 remained at $0.028 million.

Credit: Independent News Pakistan-WealthPk