Exports to nine regional states shrink

Pakistan’s exports to nine regional countries shrank 11.93 per cent in the first half of FY23 mainly driven by a drop in shipments to China, data released by the State Bank of Pakistan showed on Monday. The country’s exports to Afghanistan, China, Bangladesh, Sri Lanka, India, Iran, Nepal, Bhutan and the Maldives dipped to $1.897 billion — just 13.31pc of Pakistan’s total exports of $14.25bn in July-December FY23. China tops the list of Pakistan’s regional exports leaving other populous countries India and Bangladesh behind. But Pakistan’s exports to China posted negative growth in the first half FY23 on a year-on-year basis. The bulk of the regional exports share, which accounts for 55.77pc, is with China while the remaining is for eight countries. Pakistan’s exports to China declined 20.57pc to $1.058 in July-December FY23 from $1.332bn in 6MFY22. The decrease in export proceeds was noted for the first time in the post-Covid period. However, the imports from China increased during the period under review.