Pakistan’s exports to regional countries surge by 22% in 7MFY24

Pakistan’s exports to seven regional countries have seen a robust increase of 21.68% in the first seven months (July-Jan) of the fiscal year 2023-24, compared to the same period last year. 

According to the State Bank of Pakistan (SBP), these exports have contributed $2.61 billion, representing 14.54% of Pakistan’s total exports of $17.98 billion during July-January (2023-24).

China remains the top destination for Pakistani goods among the neighboring countries, with exports soaring by 44.53% to reach $1.73 billion, up from $1.19 billion in the previous year. 

Despite this increase, trade with Afghanistan showed a marginal decline of 0.08%, with exports slightly dropping from $285.177 million to $284.927 million. 

Conversely, exports to Bangladesh experienced a decrease of 23.27%, totaling $367.776 million, down from $479.357 million. 

However, exports to Sri Lanka witnessed a significant rise of 24.65%, amounting to $227.254 million compared to $182.313 million in the prior year.

Meanwhile, trade with India remained minimal, with exports decreasing to $0.150 million from $0.153 million. 

Exports to Nepal saw a modest increase of 2.38%, totaling $1.887 million, and exports to the Maldives rose by 12.45%, reaching $5.348 million.

On the import front, Pakistan’s purchases from these seven regional countries amounted to $7.15 billion, marking a 7.33% increase from the previous year’s $6.66 billion. 

Imports from China, however, declined by 7.66% to $6.96 billion from $6.46 billion. 

Imports from India showed a growth of 15.43%, totaling $120.260 million, while imports from Afghanistan dropped significantly by 61.68%, from $13.389 million to $5.130 million. 

Imports from Sri Lanka and Bangladesh recorded slight adjustments, with increases and decreases reflective of the dynamic trade relations within the region.