ISLAMABAD, Dec. 02 (INP-WealthPK) – The export of various goods from Pakistan to African countries surged by 13.38% during the first four months of the current fiscal year, WealthPK reports.
According to the data of the Ministry of Commerce, the volume of Pakistan’s exports to African countries reached $463.74 million during the first four months of the current fiscal from $409 million in the corresponding period of the previous financial year.
Kenya remained the top destination of Pakistani goods in the African Continent and the volume of exports to it reached $80.81 million, registering an increase of 46% against $55.37 million in the same period of the previous year.
The volume of exports to South Africa reached $70.10 million during the first four months of the current fiscal as compared to $63.34 million in the corresponding period of the of previous financial year, showing an increase of 10.67%.
Despite the decline of 18.46% in exports, Egypt remained the third largest market for Pakistan in Africa during the first four months of the ongoing financial year. Pakistan’s exports to Egypt reached $38.32 million in the current fiscal against $47 million during the first four months of the previous financial year.
The export of goods from Pakistan to Tanzania grew by 61.19% during the first four months of 2022-23 and reached $25.26 million from $15.67 million in the same period of last year.
Pakistan’s exports to African countries declined by 7% in October 2022 as compared to the same month of the last year. Exports to African countries were recorded at $94.45 million during October this year against $101.58 million in the corresponding month of 2021.
According to the Ministry of Commerce, the top destinations of Pakistan’s exports in Africa include Kenya, South Africa, Madagascar, Tanzania, Egypt and Nigeria.
Pakistan’s exports to most of the top destinations in the African Continent are increasing with the passage of time. It indicates that Africa’s top economies are becoming attractive for Pakistani exporters.
According to the Pakistan Bureau of Statistics (PBS), the volume of the overall export from the country in October was $2.384 billion against $2.464 during the same month of last year, showing a decline of 3.25%.
According to the Ministry of Commerce, Pakistan exports mainly cereals, cotton, wadding, made-up textile, sugar, confectionery, man-made staple, salt, sulphur, beverages, spirits and vinegar, pharmaceutical products, optical photographic, plastics paper and paperboard, machinery, miscellaneous chemical and toys to African countries.
Pakistan imports tea, coffee, crude oil, iron, steel, inorganic chemicals, cotton and textile products from the African region. Kenya is the largest importer of tea to Pakistan in terms of quantity as well as value. According to the United Nations Comtrade database on international trade, Pakistan imported tea worth more than $480 million from Kenya in 2021.
A study conducted by the Trade Development Authority of Pakistan (TDAP) shows Africa is rich in natural and mineral resources and is called the world’s storehouse of strategic raw materials.
Shortage of information, lack of mutual understanding, absence of business interactions, less connectivity and little people-to-people contact are the main reasons for low economic relations and trade between Pakistan and African countries.
According to TDAP, Africa is an untapped market for Pakistan’s exports. Products such as tractors, transmission apparatus, surgical instruments and rice hold immense export potential. Pakistani products are in great demand in Africa. Africa should be Pakistan’s primary focus for export market diversification, according to the study available with WealthPK.
