Exports to nine regional states dip 18pc.

ISLAMABAD -- In what appears to be a steady decline, Pakistan's exports to nine regional countries shrank 18.28 per cent in the first eight months of FY23 mainly driven by a drop in shipments to China, data compiled by the State Bank of Pakistan (SBP) showed on Thursday.

The decline is not confined to exports but imports especially from China also saw a deep decline during the current fiscal year. As part of government austerity measures, imported containers are awaiting clearance as the opening of letters of credit for consumers' goods is the least priority of the government.

The country's exports to Afghanistan, China, Bangladesh, Sri Lanka, India, Iran, Nepal, Bhutan and the Maldives dipped to $2.414 billion - just 12.92pc of Pakistan's total exports of $18.bn in July-February FY23.

China tops the list of Pakistan's regional exports leaving other populous countries India and Bangladesh behind. But Pakistan's exports to China posted negative growth in the first 8MFY23 on a year-on-year basis. The bulk of the regional exports share, which accounts for 55.26pc, is with China while the remaining is for eight countries.

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