ISLAMABAD (Eshfak Mughal):- Pakistani exporters have failed to maintain their market share with important trading partners including USA, China, United Arab Emirates, United Kingdom, Malaysia despite different trade agreements.
A document of the Ministry of Commerce, available with Voice of Public, shows that Pakistani exports to some major trading partners decreased during the first half (July-Dec) of the current fiscal year (2022-23) as compared to the same period of the last fiscal year.
The Pakistani exports to USA were decreased by $257 million from $3.066 billion $3.323 billion during the first half of the current fiscal year as compared to the same period of the last fiscal year. The country’s exports to USA were decreased by $641 million $461 million during Dec 2022 as compared to the same month of the last fiscal year.
According to the document, the country’s exports to China decreased by $275 million to $1.333 billion from $1.058 billion during the first half of the current fiscal year as compared to the same period of the last fiscal year. The Pakistani exporters only sold their goods worth $180 million in the Chinese market during Dec 2022 as compared to $316 million during the same month of the last fiscal year.
The exports to the United Kingdom from Pakistan also decreased during the period. The data shows that Pakistani exports to the UK decreased by $143 million from $1.146 billion to $1.0 billion during 1HFY23 as compared to the same period of the last fiscal year.
The volume of Pakistani exports to the UAE also decreased during the period under review. The exporters to UAE were decreased by $144 million to $725 million during 1HFY23 as compared to $869 million during the same period of the last fiscal year.
The country’s exports to Malaysia could not increase despite the Free Trade Agreement (FTA). Pakistani exports to Malaysia declined by $32 million to $157 million from $189 million during 1 half of the current fiscal year as compared to the same period of the last fiscal year. The country’s exporters only could exports $32.5 million during December 2022 as compared to $38 million during the same month of the last fiscal year.
Pakistani exports to Hong Kong were down by $44 million to $138.2 million from $94.38 million during first half of the current fiscal year as compared to same period of the last fiscal year. In Dec 2022, Pakistani exports to Hong Kong stood at $10.4 million, compared to $29 million in Dec 2021.
Exports to Norway decreased from $31.4 million to $27.3 million, Kuwait from $65 million to $60 million, Egypt from $72 million to $57 million, Kazakhstan from $68 million to $39 million, Russian Federation from $71 million to $40 million, Sri Lanka from $175 million to $161 million, Sweden from $95.6 million to $89.5 million, Ukraine from $ 28 million to $6.0 million and Nigeria from $32.6 million to $26.6 million during the period under review.