Home General Regional imports surge 41.5pc in July-August on yearly basis: SBP

Regional imports surge 41.5pc in July-August on yearly basis: SBP

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ISLAMABAD: Pakistan’s imports from seven regional countries witnessed an increase of 41.52 percent during the first two months of current financial year 2021-22 as compared to the same period of the last financial year.
According to the data released by the State Bank of Pakistan (SBP), national exports to these seven countries witnessed an increase of 34.75 percent during the aforementioned period.
According to details, the imports from these seven countries were recorded at $2,776.315 million during the period under review as compared to $1,961.659 million during the last financial year. The imports from China during July-August 2021-22 were recorded at $2704.399 million against the $1899.025 million during July-August 2020-21, showing an increase of 42.41 percent.
The imports from India remained $28.867 million against the imports of $31.437 million a year ago, showing a decrease of 8.17 percent while imports from Afghanistan increased by 99.28 percent from $9.514 million to $18.960 million.
Meanwhile, imports from Sri Lanka witnessed 2.26 percent increase from $13.437 million to $14.092 million whereas Pakistan’s imports from Bangladesh were recorded at $9.727 million from $7.813 million during the same period of the last year.
The imports from Nepal into the country witnessed an increase of 121.11 percent from $0.090 million to $0.071 million, the SBP added.
On the other hand, the country’s exports to the regional countries including Afghanistan, China, Bangladesh, Sri Lanka, India, Nepal, and the Maldives account for a small amount of $593.972 million, which is 12.90 percent of Pakistan’s overall exports of $4601.041 million during July-August 2021-22.
China tops the list of countries in terms of Pakistan’s exports to its neighbouring countries, leaving behind other countries such Bangladesh and Afghanistan. Pakistan carried out its border trade with the farther neighbour Sri Lanka, India, Nepal and Maldives.
The exports to China posted growth of 63.37 percent to $337.525 million in two months of this year from $200.458 million during last year, while exports to Bangladesh also increased by 23.92 percent to $106.415 million from $85.869 million.
Similarly, exports to Sri Lanka rose by 83.40 percent to $52.769 million from $28.772 million in the previous year, while exports to Maldives increased by 28.83 percent to $0.840 million from 0.652million, said the central bank
The country’s exports to Afghanistan, however, dropped by 22.71 percent to $95.672 million this year from $123.785 million whereas exports to India plunged by a whopping 88.86 percent to $0.057 million from $0.512 as the government has suspended trade relations with India. Similarly, exports to Nepal declined by 3.07 percent to $0.694 million from 0.716 million. – TLTP