LAHORE: Pakistani exports to India decreased from $497 million to $441 million, while New Delhi’s exports to Islamabad increased from $1857 million to $2171 million in FY2015-16, as compared to last year.
According to the statistics of Directorate General of Foreign Trade, Ministry of Commerce and Industry and Government of India their trade balance in FY 2015-16 remained equal to the year 2003-04 at 66 percent. During the last 10 years there is a gradual increase of Indian exports to Pakistan from $689 million in 2005-06 to $2171 million in the last fiscal year. On the other hand, Pakistan’s export to India showed very slow upward trend from $180 million in FY 05-06 to $441 million in FY 15-16.
India’s main exports to Pakistan during last 10 years were cotton, $647 million, polypropylene, $84.02 million, chickpeas dried and shelled, $62.62 million, woven fabrics obtained from high tenacity yarn of nylon, $45.81 million and sugar refined not containing flavoring or coloring matter, $41.12 million.
India’s main imports from Pakistan included light oils and preparations, $90.62 million, Dates fresh or dried, $87.98 million, portland cement, $48.61 million, petroleum oils and oils obtained from bituminous, $25.77 million and cotton not carded or combed, $21.59million, Petroleum oils and oils obtained from bituminous minerals crude $20.72m.
Experts believed that huge population size of India is a great opportunity for Pakistani businessmen and farmer to increase their exports to the India market, which remains in growing need to meet the requirements of their consumers. Both the countries remained unable to tap their bilateral trade potential due to traditional political hatred continued since after the partition of subcontinent in 1947. Businessmen form the both the sides have made continues attempts to improve trade ties.
The SAARC Chamber of Commerce and Industry 68th executive committee meeting is being held in Amritsar and Lahore during January 26-30, which is a hope to improve bilateral trade. SAARC CCI President Suraj Vaidya (India) and Vice President Iftikhar Ali Malik (Pakistan) have expressed great hopes for the revival of peace and improvements in bilateral trade during the meeting.