Arsalan Ali

Exports of different goods from Pakistan to Japan and South Korea surged by 44 percent and 10 percent respectively in the second month of the current financial year (FY23) compared to the same months of the previous fiscal year, reports WealthPK.

Exports to Japan and South Korea reached $19.902 million and $15.529 million respectively in August 2022 as against $13.850 million and $14.056 million in August 2021, depicting a difference of $6.052 million and $1.473 million, data from the State Bank of Pakistan shows.

In August 2022, imports from Japan and South Korea stood at $106.203 million and $95.812 million. Trade was not in favour of Pakistan. The trade deficit was recorded with both countries during the period under consideration.

SBP/WealthPK research

Similarly, exports of various goods to Japan in July-August of FY23 grew by 12 percent to $34.820 million, up from $30.923 million in July-August of FY21-22.

On month-over-month (MoM) basis, exports to Japan surged by 33 percent and reached $19.902 million compared to $14.917 million in the previous month of the current financial year.

Data from the UN Comtrade database shows that major export items from Pakistan to Japan include cotton, textile products, fish, crustaceans, molluscs, aquatic invertebrates, articles of iron and steel, articles of leather, animal gut, harness, and travel goods.

Moreover, major export items from Japan to Pakistan include vehicles other than railways, tramways, iron and steel, machinery, nuclear reactor, boiler, ships, boats, and other floating structures, electric and electronic equipment, and plastic.

From July-Aug of FY23, exports from Pakistan to South Korea were recorded at $30.481 million, up from $28.445 million during the same period of the previous fiscal, showing a growth of 7 percent.

On MoM basis, exports to South Korea grew by 3 percent and reached $15.529 million compared to $14.952 million in the previous month of the current fiscal year.

Data shows that major exports of various goods from Pakistan to South Korea include cotton, lead, articles of apparel, knit or crocheted, salt, sulphur, stone, plaster and cement, fish, crustaceans, molluscs, aquatic invertebrates, oil seed, oleagic fruits, grain, seed, and fruit.

Also, South’s major export items to Pakistan include vehicles other than railways, tramways, iron and steel, plastic, mineral fuel, oil, distillation products, machinery, nuclear reactor, boiler, and organic chemicals.

Credit : Independent News Pakistan-WealthPk