Arsalan Ali

The export of different goods from Pakistan to the member countries of the Association of South East Asian Nations (ASEAN) surged by 11% in the first half of the current fiscal, WealthPK reports. According to the data released by the State Bank of Pakistan, goods worth $676.273 million were exported from the country to the ASEAN members during the first six months of the current financial year as compared to $609.018 million during the corresponding period of the previous fiscal, showing an increase of $67.255 million.

On a year-on-year basis, exports from Pakistan to ASEAN member countries, including Malaysia, Singapore, Vietnam, Thailand, Philippines, Indonesia, Cambodia, Myanmar, Laos and Brunei, grew by 41% to $146.420 million in December 2022, up from $103.509 million during the same month of the previous fiscal.

During the first six months of the current fiscal, the import of various items from ASEAN countries to Pakistan reached $4,352.411 million. The trade deficit with ASEAN members was $3,676.138 million.

During the period under review, Pakistan had trade surpluses with the Philippines, Laos, and Cambodia while a trade deficit was recorded with Brunei, Indonesia, Malaysia, Thailand, Myanmar, Vietnam and Singapore. However, Malaysia remained the top recipient of Pakistani goods.

Pakistan’s export to Malaysia declined by 14% and dipped to $32.545 million in December 2022. Pakistan exported goods worth $157.094 million to Malaysia during the first six months of the current fiscal, showing a 16% decrease compared to $188.721 million in the same period of the previous financial year. The trade deficit with Malaysia was recorded at $422.114 million.

Exports to Singapore remained at $51.469 million in December 2022, up from $15.579 million in the same month of the previous fiscal year, representing a $35.890 million increase. Exports to Singapore increased by 13% during the first half of the current financial year and reached $157.005 million from $137.926 million in the same period of the previous fiscal. The trade deficit with Singapore was recorded at $1,469.678 million.

Pakistan exported goods worth $16.224 million to Vietnam in December 2022, showing a growth of 26% as compared to $12.792 million during the same month of the previous fiscal.

The total volume of exports to Vietnam was $134.004 million in the first half of the ongoing financial year compared to $108.790 million in the corresponding period of the previous year, representing an increase of 23%. The trade deficit with Vietnam was recorded at $6.823 million.

The volume of exports to Thailand stood at $12.987 million in December 2022, showing a decrease of $1.274 million as compared to the same month of the previous fiscal. Exports from Pakistan to Thailand reached $71.891 million during the first six months of the current fiscal, up from $54.410 million during the same period of the previous year, registering an increase of 32%. The trade deficit with Thailand was recorded at $341.084 million.

Export to the Philippines was recorded at $13.569 million in December 2022 compared to $6.517 million in the same month of the previous year, showing a rise of $7.052 million. Exports to the Philippines grew by 45% and reached $67.259 million in the first half of the ongoing fiscal against $46.147 million during the corresponding period of the previous year. A trade surplus of $58.724 million was recorded with the Philippines.

The volume of exports to Indonesia was recorded at $17.227 million in December 2022, showing a rise of $4.970 million. The total exports from Pakistan to Indonesia in the first half of the ongoing fiscal were $66.516 million, showing an increase of 25% as compared to $53.128 million during the same period of the previous year. A trade deficit of $1,502.004 million was recorded with Indonesia.

Export to Cambodia reached $2.161 million in December 2022, representing a rise of 33%. The total exports to Cambodia during the first six months of the ongoing fiscal reached $16.262 million compared to $9.085 million during the same period of the previous year, showing an increase of 78%. A trade surplus of $14.473 million was recorded with Cambodia.

Exports to Myanmar declined by 31% and dipped to $5.625 million in the current fiscal. Exports from Pakistan to Laos and Brunei reached $0.420 million and $0.197 million, respectively, during the first six months of the current fiscal, according to the data available with WealthPK.

Credit : Independent News Pakistan-WealthPk