Exports to nine regional states drop 28pc

Pakistan’s exports to nine regional countries dipped 28.28 per cent in the first nine months of FY23 mainly driven by a drop in shipments to China, data compiled by the State Bank of Pakistan showed. The decline is not confined to exports but imports especially from China also saw a deep decline during the current fiscal year. As part of government austerity measures, import containers are awaiting clearance and the opening of letters of credit for consumer goods is the least priority of the State Bank of Pakistan. The country’s exports to Afghanistan, China, Bangladesh, Sri Lanka, India, Iran, Nepal, Bhutan and the Maldives dipped to $2.744 billion — just 13.83pc of Pakistan’s total exports of $21.05bn in July-March 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 9MFY23 on a year-on-year basis. The bulk of the regional exports share, which accounts for 55pc, is with China while the remaining is for eight countries.