INP-WealthPk

Pakistan’s exports to Central Asian countries up 9.3% to $130m in M8FY23

March 28, 2023

Arsalan Ali

Pakistan's exports to Central Asian countries surged by 9.3 percent during the first eight months (July-Feb) of the current Fiscal Year FY22-23, reaching a total of $130.462 million. This represents a significant improvement compared to $119.332 million in the corresponding period of the previous year, according to WealthPK.

Based on the data released by the State Bank of Pakistan, the country’s exports to Kazakhstan, Uzbekistan, Tajikistan, Kyrgyzstan, and Turkmenistan experienced a remarkable surge on a year-over-year (YoY) basis. Figures indicate that in February 2023, Pakistan’s exports to these countries reached $25.890 million, reflecting a substantial increase of 70.4 percent in comparison to $15.193 million recorded in February 2022.

Pakistan's imports from Central Asian countries amounted to $21.454 million during the July-February period in the current Fiscal Year FY23. Nevertheless, Pakistan managed to maintain a trade surplus of $109.008 million. Notably, Pakistan registered a trade surplus with Kazakhstan, Uzbekistan, Kyrgyzstan, and Tajikistan during the first eight months of this fiscal year, while recording a trade deficit with Turkmenistan. During the period under review, Pakistan secured a prominent position as the primary exporter of goods to Kazakhstan. Uzbekistan and Tajikistan have also significant import volumes of Pakistani merchandise.

Pakistan’s exports to Kazakhstan increased by 2.4 percent YoY to $8.519 million in February 2023 against $8.312 million during the same month in the previous year. However, Pakistan’s exports to Kazakhstan during the eight months of the current fiscal year amounted to $59.558 million, registering a significant decrease from $85.588 million recorded during the same period in the previous fiscal year. Despite this decline, the trade surplus during that period stood at $55.209 million with Kazakhstan.

Pakistan’s exports to Uzbekistan in February 2023 amounted to $5.352 million, indicating a decline of $1.125 million from the same month in the previous fiscal year, where exports stood at $6.477 million. However, the overall exports to Uzbekistan during the first eight months (July-Feb) of the current fiscal year showed a substantial increase compared to the same period last year.

The total exports to Uzbekistan during this period reached $53.218 million, marking a significant rise of $24.022 million from the previous year's $29.196 million. Moreover, during this eight-month period, the trade surplus amounted to $41.842 million. Pakistan’s exports to Tajikistan amounted to $10.942 million in February 2023, indicating a significant surge compared to $0.149 million in February 2022.

Moreover, Pakistan’s exports to Tajikistan from July to February of the current fiscal year demonstrated a remarkable growth of 515 percent, reaching $14.108 million as compared to $2.292 million during the corresponding period last year. Thanks to this impressive growth in exports, Pakistan has recorded a trade surplus of $10.846 million with Tajikistan. Pakistan's exports to Kyrgyzstan experienced a significant increase of 92 percent, totalling $0.491 million in February 2023, compared to $0.255 million during the same period last year.

Notably, the total exports from Pakistan to Kyrgyzstan saw an impressive surge of 75.5 percent during the July-Feb period of the Fiscal Year 2022-23, reaching $2.788 million in comparison to $1.588 million in the previous fiscal year's corresponding period. Furthermore, a notable trade surplus of $2.653 million was recorded with Kyrgyzstan during July-Feb FY23.

Pakistan's exports to Turkmenistan amounted to $0.586 million in February 2023. The cumulative value of Pakistan's exports to Turkmenistan during the period of July-February in the current fiscal year totalled $0.790 million, indicating a rise in comparison to $0.668 million in the corresponding period of the preceding year.

Credit: Independent News Pakistan-WealthPk