Regional exports grow 14pc

Driven by higher shipments to China, the exports to nine regional countries witnessed a year-on-year growth of 14.3 per cent during the first four months of the current fiscal year, showed data released by the State Bank of Pakistan (SBP) on Monday. The country’s exports to Afghanistan, China, Bangladesh, Sri Lanka, India, Iran, Nepal, Bhutan and the Maldives rose to $1.443 billion in July-October from $1.263bn in the corresponding period last year. In FY23, exports to these regional countries dipped 21.1pc to $3.331bn over the preceding year. Almost 61 per cent of Pakistan’s regional exports were destined for China and the rest to the remaining eight countries. Exports to China increased 40.36pc to $952.22m in July-October FY24 from $678.38m over the corresponding months of last year. In FY23, the exports to China declined 27.3pc to $2.02bn from $2.78bn in FY22. It was the first decrease in the post-Covid period. Pakistan’s exports to Afghanistan grew 2.64pc to $128.53m in July-Oct FY24 from $176.02m in the same months last year. A few years ago, Afghanistan was the second major export destination for Pakistan after the United States. The export figures did not include proceeds materialised through the land routes.