Trade deficit with nine SCO states widens 41pc

Pakistan’s trade deficit with nine Shanghai Cooperation Organisation (SCO) countries widened by over 41 per cent to $11.703 billion in FY24 from $8.298bn in the preceding fiscal year due to a sharp increase in imports from China, Russia and India. The heads of state from SCO nations are in Islamabad to attend the 25th summit, which aims to strengthen multilateral cooperation among member states by focusing on major topics like terrorism, economic cooperation, and climate change. Pakistan’s exports to the SCO countries, especially China, experienced a significant growth in FY24. However, exports to other countries continued to decline, according to data compiled by the State Bank of Pakistan.