Pakistan’s trade deficit with nine member countries of the Shanghai Cooperation Organisation (SCO) has widened by more than 41%, reaching $11.703 billion in FY24, up from $8.298 billion the previous fiscal year. This increase is largely attributed to a substantial rise in imports from China, Russia, and India.
Heads of state from SCO nations are currently gathered in Islamabad for the 25th summit, which aims to bolster multilateral cooperation on critical issues such as terrorism, economic collaboration, and climate change.
In FY24, Pakistan’s exports to SCO countries, particularly China, saw notable growth. Overall, exports to the nine countries—including India, Iran, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, Uzbekistan, and Belarus—rose by 32.4% to $3.076 billion from $2.323 billion in FY23. However, exports to most other countries continued to decline, as reported by the State Bank of Pakistan.
On the flip side, imports surged by 39.14% to $14.779 billion in FY24, compared to $10.621 billion during the same period last year, indicating a broader increase in the trade deficit. Imports from China alone rose by 39.78% to $13.506 billion, making up 91.38% of total imports from SCO countries.
Exports to China increased by 33.68% to $2.707 billion in FY24, while regional exports to the country accounted for 63% of Pakistan’s total exports. In contrast, imports from Russia climbed by 36.58% to $1.011 billion, even as exports to Russia fell by 10.89% to $78.91 million.
Trade with India saw imports rise by 8.87% to $206.89 million, while exports to India surged to $3.669 million, up significantly from just $0.329 million in the previous year.
Kazakhstan emerged as a key player in the region with exports from Pakistan reaching $183.16 million, a remarkable 92.35% increase from FY23. Conversely, imports from Kazakhstan plummeted by 84.55% to $0.677 million.
Kyrgyzstan’s trade remained stable, with exports at $9.56 million and imports rising by 104% to $0.357 million. Exports to Tajikistan dropped by 37.38% to $14.46 million, though imports surged by 65.67% to $6.13 million, bolstered by a transit trade agreement allowing the importation of goods via Pakistani ports.
Trade dynamics with Uzbekistan showed exports declining by 2.05% to $77.79 million while imports skyrocketed by 91% to $28.54 million, following the implementation of a transit trade agreement.
Finally, while imports from Belarus rose to $27.64 million from $5.60 million, exports to Belarus decreased slightly to $1.79 million. Trade with Iran remains largely barter-based, limiting the availability of official data on its full potential.
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