According to the Pakistan Bureau of Statistics (PBS), export from Pakistan during January 2023 worth Rs.525,461 million (provisional) as compared to Rs.519,817 million in December 2022 and Rs.460,856 million during January 2022 explaining a rise of 1.09 percent over December 2022 and by 14.02 percent over January 2022. In terms of US dollars the exports in January 2023 were recorded as $2,244 million (provisional) as against $2,313 million in December 2022 explaining a decline of 2.98 percent and by 14.15 percent as against $ 2,614 million in January 2022. Keeping all these and some other scenarios, expanding trade ties is the need of time.
The experts identified that in terms of US dollars the exports during July-January 2022-23, FY2022-23 totaled $16,499 million (provisional) as compared to $17,739 million during the same period of last year explaining a decline of 6.99 percent.
On the other hand, PBS data also showed that the imports into Pakistan during January 2023 worth Rs. 1,141,525 million (provisional) as compared to Rs. 1,158,313 million in December 2022 and Rs. 1,064,154 million during January 2022 explaining a decline of 1.45 percent over December 2022 but an increase of 7.27 percent over January 2022. In terms of US dollars the imports in January 2023 were registered to $ 4,875 million (provisional) as against $5,154 million in December 2022 explaining a decline of 5.41 percent and by 19.23 percent as against $6,036 million in January 2022.
Moreover, in terms of US dollars the imports during July-January, 2022-23 FY2022-23 totaled $36,093 million (provisional) as compared to $46,598 million during the same period of last year explaining a decline of 22.54 percent. The Government of Pakistan presently has been trying to boost trade with other countries such as:
United Kingdom
The Government of Pakistan states economic stabilization and economic growth are the key priorities of the government. Currently, the British Trade envoy urged that the Government of Pakistan and the UK are enjoying durable, historical and cooperative relations which need to be resilient by the enhancement of bilateral trade.
Switzerland
Furthermore, Switzerland is keen to boost trade ties and improve the mutual trade volume between the two states. It is promised full cooperation to ensure easy access of Sialkot exporters to Switzerland’s international trade markets. Experts recorded that bilateral trade and business relations between two states should be further promoted with the exchange of trade delegations. Both countries had been enjoying cordial relations. The Exchange of goods would facilitate the creation of economic relations.
Germany
Statistics showed that Pakistan’s goods and services trade with Germany witnessed a surplus of 78.25 percent during the first seven months of the current fiscal year (2022-23) as against the same period of last year. Trade surplus during the period under review was registered at $455.423 million as compared to $255.495 million last year, explaining 78.25 percent growth. The overall exports to Germany were registered at $1010.323 million during July-January (2022-23) as compared to exports of $992.295 million during July-January (2021-22), showing a growth of 1.81 percent.
United Arab Emirates
Moreover, the United Arab Emirates government said that the leadership of Pakistan and UAE is keen to boost the bilateral trade volume which has enormous potential to grow. Statistics also identified that the government of Pakistan urged that the trade volume between the two countries reached $10 billion in FY-2022, counting $1.3 billion in Pakistan’s export to the UAE and $8.6 billion in imports.
Tanzania
It is also said that the government of Pakistan underlined the need for growing trade and economic cooperation with Tanzania for the mutual benefit of the two states. It is said that Pakistan greatly valued its ties with Tanzania and wanted to further boost economic and cultural ties with Tanzania. It is also emphasized the need for high-level political and cultural exchanges to further strengthen bilateral relations between these two states.
United States
No doubt, Pakistan remains committed to expanding trade ties with the United States and is modifying the regulatory regime to do so. The Government of Pakistan is committed to easing the regulatory regime and facilitating businesses in the country. Expanding trade ties with the US remains a foremost priority of the government.
Statistics showed that with a bilateral trade volume of $12 billion, the US remains Pakistan’s largest trading partner and export destination. In 2022, Pakistan exported greater than $5.9 billion worth of goods to the US while importing more than $3.17 billion worth of goods from the US.
Afghanistan
Pakistani and Afghan authorities have agreed to work together to enhance and facilitate cross-border trade and pedestrian movement. The Agreement came during a meeting of the Pak-Afghan Border Management Committee in the Afghan customs offices in the Gumrak area. Sources also recorded that the Afghan officials also sought entry permission for Afghan vehicles equivalent to Pakistani ones crossing over to Afghanistan as well as for the stranded citizens, who held Afghan cards or Prove of Registration (PoR) cards.
China
China remains Pakistan’s largest trading partner during the first quarter of the ongoing fiscal year 2022-23 and the leading investor in Pakistan in the first five months of FY 2022-23, contributing 23.83 percent, or $102.5 million to its FDI. Statistics also showed that from 2013 to 2022, the volume of trade in goods between China and BRI countries has doubled from US $1.04 trillion to US $2.07 trillion, with an average annual growth rate of 8 percent.
Statistics showed that by the end of 2022, Chinese companies had invested a total of $57.13 billion in overseas economic and trade cooperation zones in BRI countries, creating 421,000 jobs.