ISLAMABAD: Although Pakistan’s exports saw a growth of 4.9% in the first half of the current fiscal year the country’s exports to 10 markets declined particularly to the United Arab Emirates (UAE) fells by 22% from $607 million last fiscal year to this year’s $474 million, The News reported on Sunday.
The country’s exports to the Kingdom of Saudi Arabia fell by 8.2% from $217.46 in 2019 to $199.73 in the same period.
Advisor to Prime Minister Imran Khan on Commerce and Investment Abdul Razzak Dawood said the top officials of the commerce ministry are deliberating the decline of exports to 10 countries and chalking out strategies with trade and commercial attaché.
Data available with The News showed that Pakistan’s exports to Sri Lanka also decreased by 18.2% to 310.64 million during July-December 2020 from $379.65 million in the corresponding period in 2019. Exports to Thailand climbed down by 47% to $115.69 million to just $61.14 million.
The data showed that exports to Malaysia remained in the negative by 29%, reducing from $124.97 million to $89.28 million while Spain’s fell to $444.71 million from 480.32 million (7.4%) and exports to Yemen declined by 46%, Madagascar by 47% and Djibouti by 53.3%.
Pakistan’s exports to China, however, increased by 18.4% to $1,047 million in July-December 2020 from $974.5 million in 2019, showing the trade under FTA-II has started yielding results despite Covid-19.
Similarly, exports to the United States also surged by 18.4%, the UK by 20.8%, Germany at 15.1%, the Netherlands at 12.19%, and Indonesia at 39.2%.
Dawood said the massive increase in exports to Jakarta was related to a decision by the Indonesian government to unilaterally facilitate Pakistan and extend a reduction in duty on 20 items.
Likewise, the country’s exports to Denmark went up by 22.8%, Poland 16.3%, Australia, 19.1%, and the Philippines by 40%. .