Pakistan’s exports to Afghanistan drop 39% in July
KARACHI: Instability in Afghanistan has caused a significant drop in exports from Pakistan by around 39 per cent in July 2021.
The statistics released by the State Bank of Pakistan (SBP) revealed that Pakistan’s exports to Afghanistan fell to $38.55 million in July 2021, compared with $62.77 million in the same month of the last year.
Sources in the Pakistan Customs said that instability emerged soon after the announcement of the US about withdrawal of its troops in May 2021. By the end of July 2021, the US completed nearly 95 per cent of its withdrawal.
The sources; however, said that the delay in extending the Afghanistan Pakistan Transit Trade Agreement (APTTA) resulted in a decline in exports. The existing transit trade agreement was extended for six months on July 8, 2021.
Pakistan’s exports to Afghanistan grew 10 per cent to $983.29 million in the fiscal year 2020/21, compared with $890 million in the preceding fiscal year.
The total trade volume between the two countries stood at $1.16 billion in the fiscal year 2020/21.
A landlocked and less developed Afghanistan depends on Pakistan for trade, commodities, and construction material. It imports iron bars, cement, edible oil, ghee, pharmaceutical products and other items. In addition, several goods imported from other countries enter Afghanistan through Pakistan.
Pakistan’s imports from Afghanistan grew to $12.4 million in July 2021, compared with $4.2 million in the same month of the last year.
The imports of Pakistan from Afghanistan was $179.23 million in the fiscal year 2020/21, compared with $122 million in the preceding fiscal year.
Pakistan is the importer of at least 48 per cent of Afghan exports, which comprises fresh fruits, dry fruits, carpets, and cotton.
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