By Arsalan Ali ISLAMABAD, June 08 (INP WealthPK): Pakistan’s exports to Indonesia increased by 2.6% on year-on-year (YoY) basis, reaching $12.858 million in April 2022 from $12.529 million in the same month of last fiscal year. Exports to Indonesia declined by 18.98% to $100.504 million in first 10 months of the current fiscal year as compared to $124.053 million in the corresponding period of last year, according to data shared by the State Bank of Pakistan (SBP). On month-on-month (MoM) basis, exports to Indonesia decreased by 5.7%, reaching $12.858 million in April 2022 from $13.639 million in the previous month. Imports from Indonesia increased by 126% to $2,232.864 million in first 10 months of FY2021-22 as compared to $986.186 million in the corresponding period of last year. On MoM basis, imports from Indonesia decreased by 10.26%, reaching $251.679 million in April 2022 from $280.549 million in the previous month. On YoY basis, imports from Indonesia increased by 80.8%, reaching $251.679 million in April 2022 from $139.189 million in the same month of last fiscal year. According to the United Nations COMTRADE database, Pakistan’s imports from Indonesia cost $4.19 billion in 2021 with major commodities including animal, vegetable fats and oil, cleavage products ($3.03 billion), mineral fuels, oils, distillation products ($320.25 million), manmade staple fibres ($246.04 million), vehicles other than railway, tramway ($162.21 million), paper and paperboard, articles for pulp, paper and board ($71.70 million), organic chemicals ($39.26 million),  rubbers ($30.44 million), machinery, nuclear reactor, boilers ($29.62 million),  ships, boats, and other floating structures ($26.50 million),  miscellaneous chemical products ($25.78 million) and plastic products ($25.53 million). Pakistan’s exports to Indonesia earned $170.22 million in 2021 with major commodities including aircraft, spacecraft ($39.76 million), beverages, spirits and vinegar ($33.22 million), cotton ($22.45 million), edible fruits, nuts, peel of citrus fruit, melons ($13.61 million), cereals ($13.28 million), raw hides and skins (other than furskins) and leather ($11.41 million), fish, crustaceans, molluscs, aquatics invertebrates ($4.08 million), manmade staple fibers ($3.84 million), pharmaceutical products ($2.96 million), tobacco and manufactures tobacco substitutes ($2.90 million), optical, photo, technical, and medical apparatus ($2.83 million). According to a Business Research Council study titled "Second Review of the Indonesia-Pakistan Preferential Trade Agreement," Pakistan has an estimated export potential of $3.2 billion for the top 25 items, and palm oil is Pakistan's largest import from Indonesia. According to the report, Pakistan must negotiate on high potential textile products such as cotton and high-value-added apparel, as well as high-potential food items such as fruits and vegetables. Marketing textile goods and more trade fairs for high-value-added products, rather than low-value-added products (cotton woven fabrics), will allow Pakistan to enter this market, the report said. The report highlighted that research and development, marketing, trade fairs, and increased awareness and promotion activities will boost potential in the horticulture sector. Pakistan should diversify its exports to Indonesia and not limit itself to horticulture products, it added. The report pointed out that the platforms of Indonesian trade exhibition, Pakistan Embassy in Jakarta, and Pakistan-Indonesia Business Forum can be used to introduce Pakistani brands and products to the Indonesian market.