Foreign Trade of Pakistan
15 August 2022 08:13 pm
Pakistan has bilateral and multilateral trade agreements with many nations and international organizations. It is a member of the World Trade Organization, part of the South Asian Free Trade Area agreement and the China–Pakistan Free Trade Agreement. Fluctuating world demand for its exports, domestic political uncertainty, and the impact of occasional droughts on its agricultural production have all contributed to variability in Pakistan's trade deficit.
Pakistan's exports continue to be dominated by manpower export in the subcontinent, cotton textiles and apparel. Imports include petroleum and petroleum products, chemicals, fertilizer, capital goods, industrial raw materials, and consumer products.
Pakistan exports rice, kinnows, mangoes, furniture, cotton, fiber, cement, tiles, marble, textiles, clothing, leather goods, veterinary surgical supplies, sports goods (renowned for footballs/soccer balls), cutlery, surgical instruments, electrical appliances, software, carpets, rugs, ice cream, livestock meat, chicken, powdered milk, wheat, seafood (especially shrimp/prawns), vegetables, processed food items, Pakistani-assembled Suzukis (to Afghanistan and other countries), defense equipment (submarines, tanks, radars), salt, onyx, engineering goods, and many other items. Pakistan produces and exports cements to Asia and the Middle East.
In recently, the country’s textile group exports witnessed a growth of 25.53% in the last financial i.e. 2021-22 and remained at $19.329 billion compared to $15.399 billion during 2020-21. Exports of fruits are up by 18% in June 2022 with an export value of Rs. 9.7 Billion. Leather manufacturer exports during the twelve months of the fiscal year of 2021-22 grew up by 10.43% as compared to the exports of the commodity during the corresponding period of last year. Pakistan’s rice export sector achieved the milestone of exporting the commodity worth $2.511 billion during the financial year 2021-22. Pakistan earned the US $2,380.852m by providing different Information Technology (IT) services in various countries during the eleven months of the fiscal year 2021-22. Food group exports from the country during the fiscal year ended on June 30, 2022, increased by 23.37%, whereas imports registered 8 percent growth as compared to the corresponding period of last year. Pakistan’s non-textile exports grew 25.85% year-on-year to $12.46 billion in the outgoing 2021-22. Exports of meat and meat preparations up by 54.41% in June 2022 with an export value of Rs. 6.2 Billion. The footwear exports witnessed an increase of 19.02% during the twelve months of the fiscal year (2021-22) as compared to the exports of the corresponding period of last year. Export of footballs up by 92.87% in June 2022 with an export value of Rs. 4.2 Billion. Pakistan’s export to China crossed $1.918 billion in the first half (H1) of this year, up 10.97% from $1.728 billion in the same period of the previous year, which continue to increase on yearly basis. Export of cotton yarn up by 339.44% in May 2022 with an export value of Rs. 1.29 Billion. Pakistan’s exports to the seven regional countries witnessed an increase of 18.26% in eleven months of the fiscal year (2021-22), as compared to the corresponding period of last year. The Large Scale Manufacturing Industries (LSMI) output has registered a growth of 11.7% during July-May 2021-22 as compared to the same period of 2020-21, Pakistan Bureau of Statistics (PBS) said. Export of tents, canvas, and tarpaulin up by 75.59% in May 2022 with an export value of Rs. 1.5 Billion. Export of Gems up by 112.3% in May 2022 with an export value of Rs. 91 Million. Pakistan is supplying soccer balls for this year's Fifa Worldcup 2022 happening in Doha, Qatar. Export of leather gloves up by 93.81% in May 2022 with an export value of Rs. 4.9 Billion. Exports of carpets, rugs, and mats are up by 24.03% in May 2022 with an export value of Rs. 1.3 Billion. Export of Tanned Leather up by 48.94% in May 2022 with an export value of Rs. 3.5 Billion.