Regional exports from Pakistan experienced a year-on-year growth of 14.3 percent in the first four months of the current fiscal year, primarily driven by increased shipments to China.
According to data released by the State Bank of Pakistan (SBP) on Monday, exports to nine regional countries, including Afghanistan, China, Bangladesh, Sri Lanka, India, Iran, Nepal, Bhutan, and the Maldives, rose from $1.263 billion to $1.443 billion in July-October.
Exports to China increased by 40.36 percent to $952.22. China emerged as the dominant recipient of Pakistan’s regional exports, accounting for nearly 61% of the total. million during the first four months of FY24, compared to the corresponding period last year. This rebound follows a decline of 27.3 percent in exports to China in FY23, marking the first decrease in the post-Covid period.
Exports to Afghanistan, which was historically a significant export destination for Pakistan, grew by 2.64 percent to $128.53 million in July-October FY24. However, it’s worth noting that the export figures do not include proceeds from transactions through land routes.
Notably, no official exports to Iran were recorded in the first four months of the current fiscal year, with much of the trade with Tehran occurring through informal channels in Balochistan’s border areas.
Meanwhile, exports to India declined by 37 percent to $0.069 million, and exports to Bangladesh decreased by 34.74 percent to $192.19 million in the same period. Sri Lanka saw a modest increase of 2.68 percent in exports, reaching $114.47 million in 4MFY24.
In contrast, exports to Nepal increased by 11.76 percent to $1.14 million, and shipments to the Maldives rose by 17.49 percent to $3.09 million. However, no exports to Bhutan were recorded in the first four months of FY24.
The overall positive trend in regional exports reflects a noteworthy shift from the 21.1 percent decline observed in FY23.
