Pakistan's exports to Afghanistan drops by 13.6 pc

ANI
25 Mar 2021, 15:48 GMT+10

Peshawar [Pakistan], March 25 (ANI): Pakistan's exports to Afghanistan declined 13.6 per cent which amounts to USD 629.324 million from USD 728.315 million. A few years ago, Afghanistan was the second-largest export destination after the US, reported Pajhwok Afghan News.

Exports to Afghanistan, China, Bangladesh, Sri Lanka, India, Iran, Nepal, Bhutan and the Maldives fell to USD 1.171 billion from USD 1.504bn in the previous year, indicated data of the State Bank of Pakistan.

The decline is due to the COVID-19 pandemic. The export to regional countries, including Afghanistan, fell by 22 per cent in the first eight months of the current fiscal year, reported Pajhwok Afghan News.

However, the central bank said the country's trade deficit with the region narrowed slightly during the period as imports from these countries also decreased.

Pakistan's economy has been in shambles owing to a large amount of loans taken from international financial institutions like the World Bank, International Monetary Fund.

Also, the debt-diplomacy of China, which has invested millions on China-Pakistan-Economic-Corridor (CPEC) is adding woes to Islamabad's debt-ridden economy.

To overcome Pakistan's ailing economy, Prime Minister Imran Khan in January considered mortgaging Islamabad's biggest park to get a loan of around Rs 500 billion.

F-9 Park, named after Madar-i-Millat Fatima Jinnah is stretched over 759 acres of land. It is one of the largest covered green areas in Pakistan.

Moreover, the declining relations of Pakistan with its two biggest sources of foreign remittances and foreign exchange - Saudi Arabia and the United Arab Emirates (UAE) is hurting its already ailing economy. (ANI)

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