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ISLAMABAD: Exports to nine regional countries grew 17.71 per cent during the first half of the current fiscal year mainly driven by an increase in shipments to China.
The country’s exports to Afghanistan, China, Bangladesh, Sri Lanka, India, Iran, Nepal, Bhutan and the Maldives rose to $2.233 billion in July-December FY24 from $1.897bn in the corresponding period last year, showed data compiled by the State Bank of Pakistan.
In FY23, exports to regional countries dipped year-on-year by 21.1pc to $3.331bn.
Pakistan’s bulk of the regional exports, which accounts for 60pc, go to China while the rest to the remaining eight countries.
Exports to China increased 39.91pc to $1.481bn in July-December FY24 from $1.058bn 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.
The imports from China declined by 1.14pc to $5.782bn in 6MFY24 from $5.849bn over the corresponding months of last year.
Pakistan’s exports to Afghanistan grew 3.63pc to $260.72m in 6MFY24 from $251.58m in the same period last year.
Till a few years ago, Afghanistan was the second-largest export destination for Pakistan after the United States. The export figures did not include proceeds materialised through the land routes. However, Pakistan has allowed Afghanistan to encourage exports.
A very negligible export was made to Iran on the official channel in the first six months of the current fiscal year. Most of the trade with Tehran is carried out through informal channels in border areas of Balochistan.
The country’s exports to India remained negligible at $0.004m in the first six months of the current fiscal year. It has been reported that Pakistan imports Indian goods via Dubai and Singapore which has also multiplied the cost for Pakistani products.
Exports to Bangladesh decreased 27.41pc to $305.44m from $420.83m in July-Dec2022. Exports to Sri Lanka surged by 11.91pc to $180.03m in 6MFY24 from $160.87m in the same period last year.
Shipments to Nepal rose year-on-year by 2.59pc to $1.54m in 6MFY24. Shipments to the Maldives increased 9.6pc to $4.44m from $4.05m. No export to Bhutan was recorded in 6MFY24.