Pakistan’s exports increase 20pc in FY 2023-24

Pakistan’s exports to the seven regional countries witnessed an increase of 20 per cent during the fiscal year (2023-24) as compared to the corresponding period of last year.

“The country’s exports to the regional countries including Afghanistan, China, Bangladesh, Sri Lanka, India, Nepal, and the Maldives account for a small amount of $4334.467 million, which is 13.94 per cent of Pakistan’s overall exports of $31,090.229 million during July-June (2023-24),” State Bank of Pakistan (SBP) reported.

China tops the list of countries in terms of Pakistan’s exports to its neighbouring, leaving behind other countries such as Bangladesh and Afghanistan.

Pakistan carried out its border trade with the farther neighbour Sri Lanka, India, Nepal, and Maldives.

Pakistan’s exports to China witnessed an increase of 33.64 per cent to $2,707.225 million during fiscal year under review from $2,025.741 million last year while exports to Afghanistan also witnessed an increase of 6.07 percent from $522.271 million to $554.008 million.

The country’s exports to Bangladesh decreased by 13.27 percent to $666.516 million from $768.548 whereas exports to Sri Lanka rose by 37.81 percent to $391.226 million from $283.882.

The exports to India increased to $3.569 million from $0.329 million in the previous year.

Exports to Nepal decreased by 4.67 per cent to $2.711 million from 2.844 million while to Maldives increased by 7.86 cent to $9.212 million from 8.540 million, it added.

On the other hand, the imports from seven regional countries were recorded at $13,900.781 million during the period under review as compared to $9,994.166 million during last year, showing an increase of 39.08 per cent.

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The imports from China during July-June 2023-24 were recorded at $13,566.437 million against the $9,662.911 million during July-June 2022-23, showing an increase of 40.39 per cent during the period.

Among other countries, imports from India are worth $206.892 million against the imports of $190.040 million, an increase of 8.86 per cent while imports from Afghanistan decreased by 21.95 percent from $15.277 million to $11.923 million.

Meanwhile, imports from Sri Lanka increased to $58.302 million from $47.974 million whereas Pakistan imports from Bangladesh recorded $ 56.555 million from $77.182 million during last year.

The imports from Nepal into the country witnessed a decrease of 44.56 per cent from $0.754 million to $0.418 million, it added.