Daily Times

The imports of agricultural and other chemicals into the country during the first quarter of the current financial year decreased by 22.30 per cent as compared to the exports of the corresponding period of last year. During the period from July to September 2023, agricultural chemicals valued at $2.047 billion were imported as compared to the imports of $2.635 billion in the same period of last year, according to the data of the Pakistan Bureau of Statistics. During the period from July to September 2023, agricultural chemicals valued at $2.047 billion were imported as compared to the imports of $2.635 billion in the same period of last year, according to the data of the Pakistan Bureau of Statistics.

In the first three months, the imports of fertilizers decreased by 52.58 per cent as 105,085 metric tons of fertilizer were manufactured costing $55.152 million imported as compared to the imports of 182,231 metric tons worth $116.308 million in the same period of last year, it added. Meanwhile, the imports of insecticides were reduced by 24.73 per cent during the period under review as 9,270 metric tons of the above-mentioned commodity valued at $44.402 million were imported as against the import of 108,817 metric tons worth $58.987 million in the same period last year, the data revealed. In the first quarter of the current financial year, the imports of medicinal products went down by 33.08 per cent and reached at 7,357 metric tons valued at $249.195 million as compared to the imports of 8,643 metric tons valued at $372.361 million in the same period last year. However, The first quarter of the current fiscal year witnessed a marginal growth of three per cent in exports to nine regional countries, mainly driven by an increase in shipments to China, data compiled by the State Bank of Pakistan showed on Thursday.

The country’s exports to Afghanistan, China, Bangladesh, Sri Lanka, India, Iran, Nepal, Bhutan and the Maldives rose to $981.39 million in July-September FY24.

In FY23, exports to regional countries dipped 21.1pc to $3.331bn on a year-on-year basis.

Pakistan’s bulk of the regional exports share, which accounts for 60pc, is with China while the rest is with the remaining eight countries. Exports to China increased 28.4pc to $633.37m in July-Sept FY24 from $501m over the corresponding months of last year. In FY23, the exports to China declined 27.3pc to $2.02 from $2.78bn in FY22. It was the first decrease in the post-Covid period.

Pakistan’s exports to Afghanistan posted a positive growth of over 1pc to $128.53m in July-Sept FY24 from $127.15m in the same months last year.

Till a few years ago, Afghanistan was the second major export destination for Pakistan after the United States. The export figures did not include proceeds materialised through the land routes.

No exports were made to Iran on the official channel in the first quarter of the current fiscal year. Most of the trade with Tehran is carried out through informal channels in border areas of Balochistan. Pakistan carried out barter trade with Iran.