Arsalan Ali

The export of various goods from Pakistan to Japan and South Korea surged by 24% and 13%, respectively, in the first six months of the current fiscal, WealthPK reports.

The data released by the State Bank of Pakistan shows that exports to Japan reached $116.707 million in the first half of the ongoing financial year as compared to $93.569 million during the same period of the previous fiscal, registering an increase of $23.138 million.

On the other hand, imports from Japan were recorded at $497.087 million in the first six months of the current fiscal against $1,112.405 million during the same period of last year. During the period under review, trade was not in favour of Pakistan. A trade deficit of $380.380 million was recorded with Japan. On a year-on-year basis, exports to Japan surged by 12% to $21.229 million in the first half of the ongoing financial year against $18.843 million in the corresponding period of the previous fiscal.

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 are among the major export items from Pakistan to Japan, according to the UN Comtrade database.

Vehicles other than railways and tramways, iron and steel, machinery, nuclear reactor, boiler, ships, boats and other floating structures, electric and electronic equipment, plastic, organic chemicals, rubber, paper and paperboard, articles of pulp, paper and board are major export items from Japan to Pakistan.

The volume of exports from Pakistan to South Korea also grew by 13% to $111.364 million, up from $97.908 million during the first six months of the previous year. The volume of imports from South Korea remained at $504.654 million as compared to $784.636 million during the first half of the last year.

On a year-on-year basis, exports to South Korea reached $18.786 million in December 2022, showing a decline of 14% as compared to $22.059 million during the same month of the preceding year. Trade was not in Pakistan’s favour. The trade deficit with South Korea stood at $393.290 million during the first six months of the current fiscal.

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 are among the major export items from Pakistan to South Korea. Vehicles other than railways and tramways, iron and steel, plastic, mineral fuel, oil, distillation products, machinery, nuclear reactor, boiler and organic chemicals are among South Korea’s major export items to Pakistan, according to the data available with WealthPK.

Credit: Independent News Pakistan-WealthPk