Pakistan’s trade deficit with nine Shanghai Cooperation Organisation (SCO) countries surged by over 41% in FY24, reaching $11.703 billion, compared to $8.298 billion the previous year.
The widening deficit is primarily driven by increased imports from China, Russia, and India.
While exports to SCO nations, especially China, grew significantly, exports to other member countries continued to decline, according to data from the State Bank of Pakistan.
Pakistan’s exports to the nine SCO countries — China, India, Iran, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, Uzbekistan, and Belarus — rose by 32.4%, totaling $3.076 billion in FY24, up from $2.323 billion in FY23.
Imports, on the other hand, surged by 39.14%, reaching $14.779 billion in FY24, compared to $10.621 billion in the previous year. The bulk of these imports came from China, which accounted for 91.38% of Pakistan’s imports from SCO nations.
Imports from China alone increased by 39.78%, totaling $13.506 billion in FY24, up from $9.662 billion in the previous year.
Pakistan’s exports to China saw a 33.68% rise, reaching $2.707 billion in FY24, while imports from Russia climbed 36.58%, totaling $1.011 billion. However, Pakistan’s exports to Russia declined by 10.89%, falling to $78.91 million in FY24.
Similarly, imports from India increased by 8.87% to $206.89 million, while exports to India rose to $3.669 million, a significant jump from $0.329 million in FY23.
Among the Central Asian states, Kazakhstan recorded the highest growth in exports to Pakistan, with a 92.35% rise, reaching $183.16 million in FY24. Imports from Kazakhstan, however, fell by 84.55%. Pakistan’s exports to Kyrgyzstan remained largely unchanged, while imports from the country more than doubled.
Trade with other SCO members like Tajikistan, Uzbekistan, and Belarus showed mixed trends, with increases in both imports and exports in some cases, but declines in others.
Iran’s trade data remains unofficial due to the barter-based system. The growing trade deficit reflects the challenges Pakistan faces in balancing its trade with key SCO countries, even as efforts to strengthen economic ties continue.
