Arsalan Ali

Pakistan's exports to Japan and South Korea grew 13% and 6%, respectively, during the first seven months (July-January) of the current fiscal year (2022-23) compared to the same period of the previous fiscal year, WealthPK reported.

According to the State Bank of Pakistan (SBP), Pakistan’s exports to Japan reached $129.932 million during July-January FY23, achieving a notable increase of $14.993 million compared to the corresponding period of the last fiscal year. During the period under review, the imports from Japan stood at $564.928 million, showing a decrease of $667.619 million compared to the corresponding period in the previous fiscal year.

Despite increase in exports, the trade deficit with Japan stood at $434.996 million. On a year-on-year (YoY) basis, the exports to Japan declined by 38% to $13.225 million in January 2023 from $21.370 million during the same month of the previous fiscal year.

As per data available from the UN Comtrade database, Pakistan’s main exports to Japan include cotton, articles of apparel knit or crocheted, fish, crustaceans, molluscs, aquatic invertebrates, other made textile articles, sets, worn clothing, optical, photo, technical, medical apparatus, articles of iron and steel, articles of leather, animal gut, harness, and travel goods.

On the other hand, Japan exports a range of products to Pakistan such as vehicles other than railways and tramways, iron and steel, machinery, nuclear reactors, boilers, ships, boats, and other floating structures, electric and electronic equipment, plastic, organic chemicals, rubber, paper and paperboard, articles of pulp, paper, and board.

Pakistan's trade data for the period of July-January FY23 reveals that its exports to South Korea grew by 6% to $123.647 million from $116.472 million during the same period a year ago. This signifies a notable rise of $7.175 million in exports. However, the imports from South Korea during the period under review were $547.869 million, representing a significant decline of $372.707 million compared to the same period last year.

On a YoY basis, the exports to South Korea declined by 33% to $12.283 million in January 2023 from $18.563 million during the same month of the previous fiscal year. The trade deficit with South Korea stood at $424.222 million during the first seven months of FY23.

According to trade data, Pakistan's major exports to South Korea include cotton, lead, knit or crocheted articles of apparel, salt, sulphur, stone, plaster and cement, fish, crustaceans, molluscs, aquatic invertebrates, oil seed, oleagic fruits, grain, seed, and fruit.

On the other hand, South Korea's major exports to Pakistan include vehicles other than railways and tramways, iron and steel, plastic, mineral fuel, oil, distillation products, machinery, nuclear reactors, boilers, and organic chemicals.

Credit: Independent News Pakistan-WealthPk