Pakistan's trade deficit with SCO countries rises by 41%

Pakistan’s trade deficit surged by 41 percent to $11.703 billion, with nine Shanghai Cooperation Organisation (SCO) countries in the fiscal year 2024, from the $8.298 billion in the previous year. 

The State Bank of Pakistan shared the statistics while the country was hosting the SCO meeting, aiming to strengthen bilateral ties among the member countries, focusing on the eradication of terrorism, economic cooperation, and climate change.

The data showed that the country went beyond at the export scale as compared to the nine SCO partners — China, India, Iran, Kazakhstan, Kirghizstan, Russia, Tajikistan, Uzbekistan, and Belarus — but the import pushed the economy toward a trade deficit.

In FY2024, the country’s exports increased by 32.4 percent to $3.076 billion from $2.323 billion in the precedent FY23. 

In contrast, Pakistan’s imports surged 39.14 percent to $14.779 billion in the FY24 from $10.62 billion over the corresponding period. 

Pakistan’s exports to China increased by 33.68 percent to $2.707 billion in FY24 from $2.025 in FY23. Pakistan’s regional share of exports to China was 63pc. 

However, its imports to Russia swelled by 36.58 percent to $1.011 billion in FY24 from $740.18 million in FY23, and exports fell by 10.89 percent to $78.91 million in FY24.

Similarly, Pakistan’s imports from India, Tajikistan, Uzbekistan, and Belarus swelled by 8 to 100 percent, while figures show a decline in exports to the said country. 

Apart from this, exports to Kazakhstan increased to $183.16 million, comparing $95.22 million in FY23, representing 92.35 percent. 

On the other hand, imports declined by 84.55 percent to $0.677 million against $4.383 million in FY23.

A barter-based trading system was being followed between Pakistan and Iran, and no official data was available about trade between the two countries.