Pakistan’s exports to its nine regional countries plunged over 5.7 per cent in the nine months of the current fiscal year (9MFY21) due to the impact of Covid-19, according to data released by the State Bank of Pakistan (SBP) on Monday.
The data which was analysed by a local media outlet shows that Pakistan’s exports to China rebounded, posting a growth of 8.4pc to $1.407bn in 9MFY21 from $1.298bn in 9MFY20.
Pakistan’s exports to Afghanistan fell 5.57pc to $746.328m in 9MFY21 from $790.377m in 9MFY20.
The country’s exports to India plunged 90.5pc to $2.197m this year from $23.167m in 9MFY20. Exports to India plunged by a whopping 90.8pc to $28.644m in whole FY20 from $311.958m over FY19.
The exports to Iran jumped 374pc to $0.261m in 9MFY21 from $0.055m in 9MFY20. Most of the trade with Tehran is carried out through informal channels in border areas of Balochistan.
Exports to Bangladesh decreased 13.56pc to $438.418m in 9MFY21 from $574.038m. Islamabad has recently reached out to Dhaka to revive talks to facilitate trade between the two countries.
Similarly, exports to Sri Lanka dipped by 24.2pc to $185.883m in 9MFY21from $245.131m in the previous year.
On the other hand, exports to Nepal plunged by 82.6pc to $3.502m in 9MFY21 from $20.178m the previous year while those to the Maldives dipped by 28.96pc to $4.044m from $5.693m. The export proceeds to Bhutan was recorded at $0.043m in 9MFY21 as against $0.094m over the last year. In the month of March, no exports proceeds were sent to Maldives.
However, the country’s trade deficit with the region narrowed slightly during the period under review as imports from these countries also dipped.