Pakistan Import Export Data and Analysis
The political seasons of Pakistan determine its economic stability. Pakistan's import-export statistics only make for a fair reading when considered in the backdrop of Pakistan’s politics. There can be no denying that Pakistan has been poorly let down by its leaders. Since its inception, no Pakistani Prime Minister has served a full five-year term. This has left the nation perpetually teetering on the brink of a political crisis. Policy changes have not been seen through execution; legislators worry more about their position than their responsibilities; foreign businesses are wary of setting up operations in Pakistan due to the political volatility.
In the past few weeks, another Prime Minister, Imran Khan, was ousted; giving rise to political turmoil; then another short-term government was elected. It, therefore, comes as no surprise that Pakistan is suffering from a deepening economic crisis. Interest rates are skyrocketing. There are signs of hyperinflation as inflation rates topped 13% in April 2022. Pakistan’s import bill ($45.82 billion) was almost double the export numbers ($26.34 billion), in 2020 as per the World Bank.
Pakistan Export Analysis
Pakistan has a bustling textile industry. The sector contributes to about 60% of the nation’s exports. The United States is a significant buyer of Pakistani textiles, the leading commodities being house linens and knit sweaters. The Trade Vision has compiled an extensive database of Pakistan’s export data that American textile importers can leverage to trade within the country. Our experts have churned tons of information, government declarations, and local sources to bring you the latest, most accurate information.
Pakistan has a positive demographic dividend that can usher its economy to success. With the government’s endeavors and the IMF’s assistance, the economy can reach its true potential within a matter of years. A good start would be to give a push to the apparel industry, along the lines of Bangladesh’s recent RMG sector boom.
Pakistan’s Top Export Commodities
1. House Linens ($3.61 billion)
2. Rice ($2.14 billion)
3. Non-Knit Men's Suits ($1.8 billion)
4. Non-Knit Women's Suits ($1.06 billion)
5. Knit Sweaters ($950 million)
Pakistan’s Top Export Countries
1. United States ($4.04 billion)
2. Germany ($2.13 billion)
3. China ($1.97 billion)
4. United Kingdom ($1.73 billion)
5. United Arab Emirates ($1.09 billion)
Pakistan Import Analysis
Recently, Pakistan was in the news for a minister requesting the people to drink less tea. The beverage is a favorite among the people and local production is not nearly enough to fulfill the demand. Pakistan is the world’s highest importer of tea, and most of it comes from Kenya. The Trade Vision is one of the foremost market intelligence firms that provide Pakistan’s trade data and in-depth research on the country’s prospects for your business. For over 15 years, our clients have lauded us for providing the most accurate and widely researched reports. Begin exporting to Pakistan with access to the free version of Pakistan’s import data.
China has formed a special defense and economic relationship with Pakistan. China has pumped billions of dollars into infrastructure projects in Pakistan. China is also developing and gaining access to the Gwadar port in South Pakistan, through the China-Pakistan Economic Corridor. The relationship is a sore point for American interests. Although, through the initiative, China has gained a ready market for its electronics exports.
Pakistan’s Top Import Commodities
1. Refined Petroleum ($3.87 billion)
2. Petroleum Gas ($2.24 billion)
3. Palm Oil ($2.15 billion)
4. Crude Petroleum ($1.92 billion)
5. Raw Cotton ($1.68 billion)
Pakistan’s Top Import Countries
1. China ($14.7 billion)
2. United Arab Emirates ($5.34 billion)
3. United States ($2.78 billion)
4. Indonesia ($2.43 billion)
5. Saudi Arabia ($1.8 billion)
The Future of Pakistan’s Import Export
Few industries in the nation are as high-potential as Pakistan’s textile industry. The sector already employs about 40% of the labor force. The numbers could increase significantly if given the proper governmental assistance. But first, the polity of Pakistan needs to wrench its nation out of the economic troubles it is embroiled in. Reaching a deal with the International Monetary Fund will only do so much. Pakistan needs a reimagining of its economy and its democracy. The foreign reserve deficit needs a reversal to make it viable for foreign businesses to enter Pakistan. It is disheartening for the global import export community that these economic changes in Pakistan might yet be a little further down the line than would be imagined.
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