Regional exports increase 3pc in July-September

ISLAMABAD: The first quarter of the current fiscal year witnessed a marginal growth of three per cent in exports to nine regional countries, mainly driven by an increase in shipments to China, data compiled by the State Bank of Pakistan showed on Thursday.

The country’s exports to Afghanistan, China, Bangladesh, Sri Lanka, India, Iran, Nepal, Bhutan and the Maldives rose to $981.39 million in July-September FY24.

In FY23, exports to regional countries dipped 21.1pc to $3.331bn on a year-on-year basis.

Pakistan’s bulk of the regional exports share, which accounts for 60pc, is with China while the rest is with the remaining eight countries.

Exports to China increased 28.4pc to $633.37m in July-Sept FY24 from $501m over the corresponding months of last year. In FY23, the exports to China declined 27.3pc to $2.02 from $2.78bn in FY22. It was the first decrease in the post-Covid period.

Pakistan’s exports to Afghanistan posted a positive growth of over 1pc to $128.53m in July-Sept FY24 from $127.15m in the same months last year.

Till a few years ago, Afghanistan was the second major export destination for Pakistan after the United States. The export figures did not include proceeds materialised through the land routes.

No exports were made to Iran on the official channel in the first quarter of the current fiscal year. Most of the trade with Tehran is carried out through informal channels in border areas of Balochistan. Pakistan carried out barter trade with Iran.

The country’s exports to India declined 58pc to $0.044m in 3MFY24 from $0.101m in the corresponding months last year. Exports to Bangladesh decreased 38pc to $144.50m from $234.14m in July-Sept 2022. Exports to Sri Lanka dipped by 11.12pc to $72.19m in 3MFY24 from $87.74m in the same period last year.

On the other hand, exports to Nepal declined year-on-year by 3.3pc to $0.797m in 3MFY24. Shipments to the Maldives increased by 12pc to $1.96m from $1.75m. No export to Bhutan was recorded in 3MFY24.