Pakistan's Exports Surge to China, Imports Rise from Neighbors

Pakistan's exports to seven regional countries have shown a significant increase of 20.57% in the first eight months of the financial year 2023-24 compared to the same period last year. According to the State Bank of Pakistan (SBP), these exports amounted to $2,912.102 million, constituting 14.17% of Pakistan's total exports of $20,537.900 million from July to February 2023-24.

China emerged as the top destination for Pakistan's exports among its neighboring countries, with a notable increase of 42.02% to $1,895.720 million. On the other hand, exports to Afghanistan saw a slight decline of 7.68% to $319.887 million. Exports to Bangladesh decreased by 19.63% to $421.939 million, while exports to Sri Lanka surged by 32.31% to $266.164 million. Pakistan also saw an increase in exports to India, Nepal, and the Maldives.

Conversely, imports from the same regional countries increased by 13.64% to $8,289.088 million during the same period. The majority of imports came from China, totaling $8,105.831 million, showing a 7.66% increase. Imports from India rose by 10.46%, while imports from Afghanistan decreased significantly by 59.82%. Imports from Sri Lanka and Bangladesh increased, while imports from Nepal saw a sharp decline.

The data reflects a positive trend in Pakistan's exports to regional countries, particularly to China, showcasing the potential for further growth in trade relationships. However, the increase in imports highlights the need for a balanced trade strategy to ensure sustainable economic development.