Pakistan's export to India dipped 90.4% after suspension of trade ties between nations

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.

As per a Bloomberg report from September 9, Pakistan's dependence on liquified natural gas has also rendered pressure on the slugging economy due as it forced Islamabad to pay most ever for spot shipments to ensure supply under long-term contracts. In 2020, Pakistan became the world's ninth-largest LNG imposter in just six years, Bloomberg reported. However, with the surge in international prices of gas and fuel followed by an energy crisis in the UK and China, there has remained a shortfall in Pakistan triggering fears of lack of electricity in winter.

China remains at top of Pakistan's export list

Meanwhile, as reported by Dawn citing the SBP report, China has remained at the top of the list of countries in terms of Pakistan's exports to regional nations. The increase in imports from these countries was also registered at 42.6% amounting to $4.128 billion in the July-September time frame this year. As per the report, owing to increased imports, Pakistan's trade deficit with the region has also expanded during the period.

Image: PTI/AP/Pixabay (representative)