ISLAMABAD: Compared to $5.252 billion in the same period last year, the nation’s merchandise trade deficit with the nine regional nations increased by 17.92 percent to $6.193 billion in the first nine months of the current fiscal year.
The trade deficit during the period under review was driven by an increase in imports from China and India.
Data published by the State Bank of Pakistan indicates that while exports to other regional countries remained negative throughout the review period, exports to China and other regional countries grew.
Pakistan’s exports to the nine nations in the area, which are Afghanistan, China, Bangladesh, Sri Lanka, India, Iran, Nepal, Bhutan, and the Maldives, increased in value by 20.74 percent to $3.313 billion between July and March 2023–24 from $2.744 billion during the same period the previous year.
In contrast, imports rose 18.88 percent to $9.506 billion in 9MFY24 from $7.996 billion in the corresponding period of the previous year. This indicates a minor rise in the trade deficit with the greatest number of countries in FY24. Over 60% of Pakistan’s regional exports are sent to China, with the remaining 8% going to the other eight nations.
