Pakistan’s exports to nine regional countries posted a growth of 9.14 per cent while imports grew by nearly 36pc in FY21 from a year ago, the latest data released by the depository financial institution of Pakistan showed.
The country’s exports to Afghanistan, China, Bangladesh, Sri Lanka, India, Iran, Nepal, Bhutan, and therefore the Maldives account for a little amount of $3.925 billion — just 14.21pc of Pakistan’s total global exports of $25.304bn in FY21.
China tops the list of nations in terms of Pakistan’s exports to its neighbors, leaving other populous countries India and Bangladesh behind. Pakistan administered its border trade with the farther neighbor Nepal, Sri Lanka, Bhutan, Bangladesh, and the Maldives via sea only.
On the opposite hand, imports from these countries edged up to $13.827bn in FY21 against $10.183bn over the corresponding period last year, a rise of 35.78pc. As a result of huge imports, Pakistan’s deficit with the region expanded during the amount under review.
Pakistan’s exports to China posted positive growth in 2020-21. The bulk of the regional exports share, which accounts for 52.05pc, is with China while the remaining is for eight countries. Pakistan’s exports to China posted a growth of twenty-two .85pc to $2.043bn in FY21 from $1.663bn in FY20. the rise in export proceeds was noted within the post-Covid period especially the exports of rice.
Contrary to the present, imports from China grew 39pc to $13.302bn during the amount under review against $9.568bn over the last year. the majority of 96.2pc imports is coming from China alone while remaining imports are from other eight countries. Pakistan’s exports to Afghanistan posted growth of 10.47pc to $983.295m in FY21 from $890.052m within the same period in FY20. Till a couple of years ago, Afghanistan was the second major export destination for Pakistan after us.
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Imports from Afghanistan posted growth of 47pc to $179.228m against $121.832m over the last year mainly driven by higher arrivals of essential kitchen items including tomatoes, potatoes, and onions also as fresh and dried fruits.
The country’s exports to India plunged 89pc to $3.139m this year from $28.644m in FY20. The imports from India dipped 50.8pc to $183.785m against $373.561m over the last year. the govt has suspended trade relations with New Delhi. Since the arrival of the Covid-19 pandemic, the govt has only allowed the import of pharmaceutical products from India.
Pakistan’s exports to Iran jumped 181.8pc to $0.155m in FY21 from $0.055m in FY20. Most of the trade with Tehran is administered through informal channels in border areas of Balochistan. No imports were made up of Tehran during the amount under review.
Exports to Bangladesh decreased 11.49pc to $615.212m in FY21 from $695.102m. Imports from Dhaka posted growth of 56.22pc to $76.134m this year against $48.733m over the last year.
Similarly, exports to Sri Lanka dipped by 6.50pc to $270.320m in FY21 from $289.120m within the previous year. On the opposite hand, Pakistan’s exports to Nepal plunged by 79pc to $4.551m in FY21 from $21.720m the previous year. However, imports posted growth of 211pc to $1.244m this year against $0.400m over the last year but challenges remain the same.
Exports to the Maldives dipped by 28.6pc to $6.052m from $8.478m. Import posted growth of 384pc to $0.092m this year against $0.019m over the last year.
Export proceeds to Bhutan were recorded at $0.155m in FY21 against $0.094m over the last year. The imports from Bhutan were noted at $0.075m in FY21 against $0.097m over the previous year.