Arsalan Ali

Exports from Pakistan to ASEAN countries surged by 34% to $107.743 million in August 2022, from $80.139 million in August 2021, WealthPK reports.

Exports from Pakistan to Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam reached $211.769 million in July-August FY23 compared to $181.014 million in the corresponding period of the previous year, showing an increase of 16%, according to data from the State Bank of Pakistan (SBP).

Imports from ASEAN countries stood at $934.346 million in August 2022, leading to a trade deficit of $722.577 million.

In August 2022, Pakistan had a trade surplus with Vietnam, the Philippines, Cambodia, and Laos, while a trade deficit was recorded with Thailand, Singapore, Myanmar, Malaysia, Indonesia, and Brunei.

Vietnam was the top export destination in August 2022 followed by Malaysia and the Philippines. Exports from Pakistan to Vietnam, Malaysia, and the Philippines were recorded at $35.280 million, $25.364 million, and $14.271 million, respectively, in August 2022 compared to $26.981 million, $20.131 million, and $6.062 million, respectively, in August 2021, showing a growth of 31%, 26%, and 135%.

The trade surplus with Vietnam and the Philippines was recorded at $14.012 million and $13.339 million, respectively, in August 2022.

Exports from Pakistan to Thailand stood at $11.591 million in August 2022 as against $6.419 million in the same month of the previous fiscal year, showing an increase of $5.172 million. In July-August FY23, exports from Pakistan to Thailand were recorded at $24.243 million, up from $15.771 million in the same month of the previous fiscal year, showing a growth of 54%. The trade deficit with Thailand was recorded at $70.976 million in August 2022.

Exports to Indonesia were recorded at $8.791 million in August 2022 compared to $5.885 million in August 2021, showing a rise of $2.906 million. In July-August FY23, exports from Pakistan to Indonesia reached $17.726 million, up from $11.012 million in July-August of FY22, showing a growth of 61%. The trade deficit with Indonesia stood at $298.011 million in August 2022.

In August 2022, exports to Singapore were $8.106 million, down from $12.295 million in August 2021, a decline of 34%. In July-August FY23, Pakistan exported $25.999 million worth of goods to Singapore, as compared to $36.778 in the same month of the previous fiscal, a decline of 41%. The trade deficit with Singapore stood at $344.370 million in the second month of the current fiscal year.

In August 2022, exports to Cambodia reached $3.270 million, up from $1.308 million in August 2021, showing an increase of $1.962 million. The total exports from Pakistan to Cambodia in July-August FY23 were $4.057 million, a 37% increase from $2.948 million in the same period of FY22. The trade surplus of $3.253 million was recorded with Cambodia in August 2022.

In August 2022, exports to Myanmar were recorded at $0.984 million, to Brunei $0.052 million, and Laos $0.034 million.

Credit: Independent News Pakistan-WealthPk