Regional exports plunge 21pc

Pakis­tan’s exports to nine regional countries dipped 21.1 per cent in 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 steep decline during FY23. As part of government policy to curtail the trade deficit amid fast dwindling foreign exchange reserves, the import containers were awaiting clearance and the opening of letters of credit for consumer goods was the least priority of the State Bank of Pakistan in FY23. The country’s exports to Afghanistan, China, Bangladesh, Sri Lanka, India, Iran, Nepal, Bhutan and the Maldives dipped to $3.331 billion — just 12pc of total exports of $27.73bn in FY23. Pakistan’s bulk of the regional exports share, which accounts for 60pc, is with China while the rest is with the remaining eight countries.