Regional exports surge by 25.59% in July
History has shown that import substitution does not yield successful outcomes. By the end of the 20th century, almost all countries abandoned these policies in favour of export-led growth. photo: file
Pakistan's exports to seven regional countries saw a 25.59% increase in the first month of the current fiscal year (2024-25), reaching $339.88 million14.21% of the total $2.39 billion in exports during July, according to the State Bank of Pakistan (SBP).
China was the largest export destination, with exports rising by 4.13% to $160.1 million, up from $153.75 million last year. Exports to Afghanistan surged to $88.07 million from $42.17 million, while exports to Bangladesh grew by 8.65% to $57.87 million.
Sri Lanka saw a significant 59.86% increase in exports, reaching $32.72 million. However, exports to India dropped to $0.005 million from $0.019 million last year.
On the import side, Pakistan's total imports from the region jumped by 51.54%, totalling $1.51 billion. Imports from China rose 53.49% to $1.48 billion, while imports from Afghanistan increased by 55.02% to $1.40 million. Imports from India slightly decreased to $17.76 million, and imports from Sri Lanka declined by 21.52% to $4.17 million.