Pakistan Records 3% Surge in Regional Exports for Q1 FY 2023-24
In the initial quarter of the fiscal year 2023-24, Pakistan experienced a notable 3% increase in exports to its neighboring countries, with China leading the pack. This growth outpaced exports to Bangladesh and Afghanistan.
Karobar
According to the State Bank of Pakistan (SBP), the collective exports to seven regional nations, including Afghanistan, China, Bangladesh, Sri Lanka, India, Nepal, and the Maldives, amounted to $981.410 million. This constitutes 13.98% of Pakistan's total exports, which stood at $7018.956 million from July to September 2023-24.
China emerged as the primary destination for Pakistan's exports, witnessing a robust 26.42% increase to $633.374 million compared to the same period last year. Notably, exports to Afghanistan also rose, reaching $128.533 million from $127.157 million.
However, Pakistan faced a 38.28% decrease in exports to Bangladesh, totaling $144.506 million this year compared to $234.144 million previously. Similarly, exports to Sri Lanka declined by 17.72% to $72.192 million from $87.743 million. India saw a minimal decrease in exports, dropping to $0.044 million from $0.101 million.
Exports to Nepal experienced a 5.34% decline to $0.797 million, while exports to the Maldives increased by 11.97% to $1.964 million.
On the import side, the total imports from the seven regional countries declined by 14.73% to $2833.387 million during the same period. China, as a major trading partner, saw a 15.11% decrease in imports, totaling $2744.241 million. Imports from India, on the other hand, increased by 21.72% to $46.602 million.
Afghanistan, Sri Lanka, and Bangladesh also showcased changes in import dynamics, with notable decreases, increases, or marginal shifts.
