Pakistan records 9% rise in regional exports of fiscal year 2021
ISLAMABAD: The State Bank of Pakistan released data that showed a 9.14 percent growth from the exports to nine regional countries in FY21.
The data also showed that imports expanded by nearly 36 percent compared to the percentage last year.
Pakistan’s exports to the countries: Afghanistan, Bangladesh, Sri Lanka, China, Iran, India, Bhutan, Maldives, and Nepal made up to $3.925 billion which is just 14.21 percent of Pakistan’s entire global exports of $25.304 billion in the fiscal year 2021.
China exports the most out of the list of countries, leaving India and Bangladesh behind. Other countries include Nepal, Bhutan, Sri Lanka, and the Maldives where exports were given out through the sea as they are out of its border.
However, the same countries had an increase in imports up to $13.827 billion in the fiscal year 2021, versus $10.183 billion last year, which makes it a 35.78 percent increase. As a consequence of big imports, Pakistan’s trade deficit with the region extended is under examination.
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 growth of 22.85pc to $2.043bn in FY21 from $1.663bn in FY20. The increase in export proceeds was noted in the post-Covid period especially the exports of rice.
Pakistan’s exports to the regional countries:
- China rose to 39 percent with $13.302 compared to $9.568 billion last year. The majority of the 96.2 percent imports are coming from China only, and the remaining percentage is accumulated by the other eight countries.
- Pakistan’s exports to Afghanistan showed an increase of 10.47 percent to $983.295 million in the fiscal year 2021 from $890.052 million last year. Previously, Afghanistan exported the second most in Pakistan, following the United States.
- Afghanistan showed an increase in imports of 47 percent to $179.228m against $121.832m over the last year primarily due to essential kitchen products such as tomatoes, onions, potatoes, fresh and dried fruits.
- Pakistan’s export to India jumped to 89 percent to $3.139m this year from $28.644m in the previous fiscal year of 2020. However, the imports from India dropped drastically at 50.8 percent to $183.785m versus $373.561m last year. Currently, Pakistan has halted trade transactions with New Delhi. There have only been imports of pharmaceutical goods from India since the onset of the Covid’19 pandemic.
- Pakistan’s exports to Iran surged 181.8 percent with $0.155m in the fiscal year 2021 from $0.055m in 2020. The majority of the trade with Tehran is done through unofficial tracks in the bordered areas of Balochistan.
- Exports to Bangladesh reduced 11.49 percent to $615.212 million in the fiscal year 2021 from $695.102m. The imports showed a drastic increase of 56.22 percent to $76.134m in 2021 versus $48.733m last year.
- Pakistan’s’ exports to Sri Lanka declined by 6.50 percent from $270.320m in the fiscal year 2021 to $289.120m in 2020. Although, Pakistan’s exports to Nepal jumped by 79 percent to $4.551m in the fiscal year 2021 from $21.720m last year.
- Exports to the Maldives fell by 28.6 percent to $6.052m from $8.478m. However, Import displayed an increase of 384 percent to $0.092m in 2021 as opposed to $0.019m in 2020.
- Export to Bhutan was listed at $0.155m in the fiscal year 2021 versus $0.094m over the last year. Bhutan’s imports were marked at $0.075m in the fiscal year 2021 as opposed to $0.097m over the previous year.