As per data released by the State Bank of Pakistan (SBP), the exports dipped to $0.099 million from $1.035 million recorded last year
Following the suspension of trade ties with India in 2019, Pakistan’s export to New Delhi plunged 90.4% in Financial Year 2021. As per data released by the State Bank of Pakistan (SBP), the exports dipped to $0.099 million this year from $1.035 million, which was recorded last year around the same time. On the other hand, imports from India also sank to 14.9% i.e. $42.502 million against $49.947 million last year, the Dawn reported.
As per ANI, the recorded figures come after Pakistan completely suspended bilateral trade ties with India in August after expelling the Indian envoy to Islamabad. The move was a retaliation to PM Narendra Modi’s decision to scrap Article 370 of the Indian Consider in 2019, which accorded special status to Jammu and Kashmir.
Pakistan’s export to regional countries shot up by 31.56%
While trade relations with India saw a newer low, Pakistan’s export to at least nine regional countries displays growth of 31.56%. Meanwhile, imports in the first quarter of the current Financial Year (1QFY22), also grew by nearly 43%. Although it is to be noted here that exports to Afghanistan, China, Bangladesh, Sri Lanka and India, Iran, Nepal, Bhutan and the Maldives (the regional nations) account for just 13.5% of the country’s global export of $6.997 billion in 1QFY22, The Dawn reported.
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