The Ministry of Commerce has initiated a detailed analysis of the downward trend in Pakistan’s exports to several regions, including East Asia and Southeast Asia, with the aim of removing trade barriers and reversing the downward trend.
Commerce Minister Jam Kamal Khan chaired a high-level meeting with senior officials to review export data for the first quarter of the current fiscal year. The session highlighted the significant decline in exports to China, one of Pakistan’s major trading partners, as a major concern.
According to official trade figures, exports to East Asia fell by 20% during the period from July to October, falling to $978 million from $1.217 billion in the same period last year. Specifically, exports to China fell to $826.15 million from $1.051 billion, while exports to South Korea fell to $51.57 million from $68.73 million. Exports to Hong Kong also declined, falling to $10.18 million from $13.57 million.
In Southeast Asia, the downward trend continued, with Vietnam’s exports falling to $94.87 million from $132.13 million, and Malaysia’s exports falling to $142.18 million from $165.90 million. Exports to Indonesia also fell to $43.82 million from $65.93 million, while Cambodia and East Timor saw smaller declines.
The report also noted a decline in exports to Turkey, which fell to $74.61 million from $117.98 million, and to Russia, which fell to $18.90 million from $24.14 million.
Despite these setbacks, exports to the European Union (EU27) and the United Kingdom rose by 13%, reaching $3.858 billion during the first quarter, up from $3.403 billion in the same period last year. Likewise, exports to the United States, Canada, and many Latin American countries recorded a growth of 16%, rising to $2.342 billion, while exports to African markets increased by 29% under the government’s “Look to Africa” policy.
Overall, Pakistani exports during the first four months of the fiscal year rose by 13%, reaching $10.8 billion compared to $9.6 billion in the previous fiscal year. The textile and clothing sector grew by 11% to reach $6.162 billion, while agricultural and food exports grew by 12% to reach $2.482 billion. Imports during the same period rose by 5%.
The Ministry of Commerce’s briefing included proposals to enhance market access, address technical trade barriers, and promote export destinations and new product categories. External challenges such as global economic fluctuations and geopolitical uncertainties were also discussed, with strategies to sustain growth suggested.
Minister Jam Kamal Khan stressed the importance of a strong export base to drive economic progress. He added: “A unified and strategic approach is essential to enhance our global market share and ensure that exports become the cornerstone of economic development.”
The meeting concluded by calling on all stakeholders, including provincial governments, to make concerted efforts to overcome trade barriers and achieve sustainable export growth.