Arsalan Ali

Exports from Pakistan to Central Asian countries witnessed a significant increase of 41.3% during the first 10 months (July-April) of the current fiscal year (2022-23), reaching $184.427 million compared to $130.486 million during the corresponding period of the previous fiscal year.

According to data released by the State Bank of Pakistan (SBP), exports to the Central Asian countries, including Kazakhstan, Uzbekistan, Tajikistan, Kyrgyzstan, and Turkmenistan, have witnessed a remarkable surge on a year-over-year (YoY) basis. During April 2023, exports to these nations reached $18.223 million, marking a substantial increase of $12.511 million, compared to $5.712 million during April 2022.

During July-April FY23, Pakistan's imports from Central Asian countries amounted to $24.421 million. Pakistan managed to maintain a trade surplus amounting to $160.006 million with Central Asian countries during the period under review. Pakistan maintained a trade surplus with Kazakhstan, Uzbekistan, Kyrgyzstan, and Tajikistan throughout the first 10 months of FY23. However, a trade deficit was recorded with Turkmenistan. In terms of export performance, Pakistan emerged as the leading exporter of goods to Kazakhstan and other Central Asian countries during the period under review.

In April 2023, exports to Kazakhstan remained steady at $10.315 million, compared to $1.983 million during the corresponding month of the previous year. However, a decline was witnessed in Pakistan's exports to Kazakhstan during the first 10 months of the current fiscal year, with total exports amounting to $82.738 million. This marks a significant decrease of $7.341 million from the $90.079 million recorded during the same period of the previous fiscal year. Despite this decline, the trade surplus with Kazakhstan stood at $78.389 million during that period.

Exports to Uzbekistan during April 2023 reached $5.461 million, surpassing the figure of $3.435 million recorded during the same month of the previous fiscal year. Total exports to Uzbekistan during July-April FY23 amounted to $70.098 million, reflecting a rise of $35.113 million from the previous year's figure of $34.985 million. Trade surplus with Uzbekistan reached $56.923 million during this period. During April 2023, Pakistan’s exports to Tajikistan reached $2.023 million compared to $0.156 million during April 2022. During 10MFY23, Pakistan's exports to Tajikistan reached $22.002 million compared to $2.746 million during the corresponding period of the previous year, with a trade surplus of $18.519 million.

Exports from Pakistan to Kyrgyzstan remained at $0.365 million during April 2023 against $0.134 million during the same month of the previous fiscal year. Exports from Pakistan to Kyrgyzstan during the July-April period of FY23 experienced an impressive surge, reaching $8.671 million compared to $2.004 million during the corresponding period of the previous fiscal year, with a trade surplus of $8.496 million. Exports to Turkmenistan remained at $0.059 million during April 2023. The total exports from Pakistan to Turkmenistan during the July-April period of FY23 amounted to $0.918 million, compared to $0.672 million during the same period of the previous year.

Credit: Independent News Pakistan-WealthPk