Pakistan’s exports to India plunged 90.4 percent to USD 0.099 million this year from USD 1.035 million in Financial Year 2021, according to the latest data released by the State Bank of Pakistan (SBP).
The Dawn newspaper report said that the imports from India dipped 14.9 percent to USD 42.502 million against USD 49.947 million over the last year.
These figures come as the Pakistan government has suspended trade ties with India. Since the start of the Covid-19 pandemic, Islamabad has only allowed the import of pharmaceutical products from New Delhi.
The latest data by SBP showed that Pakistan’s exports to nine regional countries posted a growth of 31.56 percent while imports grew by nearly 43 percent in the first quarter of the current fiscal year (1QFY22).
Pakistan’s exports to regional countries like Afghanistan, China, Bangladesh, Sri Lanka, India, Iran, Nepal, Bhutan and the Maldives account for just 13.5 per cent of the country’s total global exports of USD 6.997 billion in 1QFY22.
Meanwhile, China is at top of the list of countries in terms of Pakistan’s exports to its neighbours. Pakistan carried out its border trade with the farther neighbours including Nepal, Sri Lanka, Bhutan, Bangladesh and Maldives via sea only, Dawn reported.
Pakistan also registered an increase of 42.6 per cent in imports from these countries, amounting to USD 4.128bn in the July-September time frame this year. Due to the huge imports, Pakistan’s trade deficit with the region expanded during the period, the report added. (ANI)