Amid COVID-19, there are hardly 10 countries which have protected their GDP from declining at a speedy rate. Pakistan is one of the mentioned countries with 3% growth rate since the COVID-19 pandemic hit the ground. Yet, according to the Import Export Data Pakistan, it stands at a huge deficit trade balance of 26 million USD. Pakistan Custom Data discloses increment in MFN Weighted Average tariff by 1.5% against Effectively applied traffic. In the context of international trade, its growth has declined by 3.5%. Apart from this, Import Export Data Pakistan also reveals 10% increment of imported goods over exported ones.
Therefore, Pakistan, in the upcoming years, displays a low potential of GDP growth. Check out Pakistan’s Top 10 Imports and Exports in the past few years:
What does Pakistan mainly import?
Pakistan rests among the top importers of electronic apparatuses, mineral oils and distillation goods, as well as army-based machinery. Following is a disclosing list of Pakistan Top 10 Imports based on decades of import export data Pakistan with Cybex Exim’s research experts:
- Minerals such as Oil, Petroleum, Natural Gas, and Distillation Goods (total worth: $10.31 Billion, total coverage: 23%)
- Electrical and Electronic Equipment such as Computers, Laptops, SmartPhones (total worth: $4.55 Billion, total coverage: 10%)
- Machinery apparatus, Nuclear Power Reactors (from China), and Boilers (total worth: $4.07 Billion, total coverage: 9%)
- Iron, iron Ore, and Steel (total worth: $3.15 Billion, total coverage: 7%)
- Animal-based finished goods for edible purposes as well as manufacturing purposes (total worth: $2.25 Billion, total coverage: 5%)
- Plastic ware, Plastic (raw material), plastic finished goods for cosmetics, kitchen, etc (total worth: $2.17 Billion, total coverage: 4.7%)
- Organic Chemicals such as Acrylic Alcohol, Cyclic hydrocarbons, Polycarboxylic acids, Heterocyclic compounds and Antibiotics (total worth: $2.1 Billion, total coverage: 4.7%)
- Vehicles including Cars, Trucks, Bikes, Airplanes, etc (total worth: $1.44 Billion, total coverage: 3.1%)
- Cotton (as raw material for manufacturing purposes) (total worth: $1.39 Billion, total coverage: 3%)
- Seeds (total worth: $1.28 Billion, total coverage: 2.8%)
Do you know? Recently, the persistently growing relationship between China and Pakistan has created an Alert situation for other countries. China’s recurring export of Nuclear Reactors to Pakistan is alarming.
What does Pakistan Export at large?
According to international trade data, Pakistan suffered a big loss in the race of balancing its currency’s rate against the dollar. From 2014 to 2020, the Republic of Pakistan’s currency growth rate against the dollar was 8%. However, in 2021, the rate speedily declined by 6%. This creates an intense economic scenario for Pakistan. To connect the dots, take a look at the following list of top 10 Pakistan Exports based on import export data highly connected and proofread by Cybex’s experts:
- Miscellaneous textiles and worn clothing for consumer goods manufacturing (total worth: $4.3 Billion, total coverage: 19.2%)
- Hand-crocheted Knits, bed linens, and other accessories (total worth: $3.1 Billion, total coverage: 13.8%)
- Cotton (as raw material for manufacturing purposes) (total worth: $2.6 Billion, total coverage: 11.9%)
- Finished goods (Clothing Acce, total worth: $3.1 Billion, total coverage: 13.8%)
- Cereal for Breakfast (total worth: $2.1 Billion, total coverage: 9.5%)
- Leather goods, Leather (as raw material), Animal Hide and Guts (total worth: $583 Million, total coverage: 2.6%)
- Copper (total worth: $435 Million, total coverage: 2%)
- Salt & Sulphur, Cement and Stone for construction purposes (total worth: $423 Million, total coverage: 1.9%)
- Fruits, Dry Fruits, and Nuts (total worth: $418 Million, total coverage: 1.9%)
- Appliances and Instruments for Optics, Healthcare, and Technical purposes (total worth: $380 Million, total coverage: 1.7%)
For more information on Import Export Data Pakistan, visit www.cybex.in.
