Foreign trade of Pakistan

Part of a series on
World trade
Policy Import Export Balance of trade Trade law Trade pact Trade bloc Trade creation Trade diversion Export orientation Import substitution Trade finance Trade facilitation Trade route Domestic trade Tax
Restrictions Trade barriers Tariffs Non-tariff barriers Import quotas Tariff-rate quotas Import licenses Customs duties Export subsidies Technical barriers Bribery Exchange rate controls Embargo Safeguards Countervailing duties Anti-dumping duties Voluntary export restraints
History Mercantilism Protectionism Laissez-faire Free trade Economic nationalism Economic integration
Organizations International Monetary Fund International Trade Centre World Trade Organization World Customs Organization International Chamber of Commerce
Economic integration Preferential trading area Free-trade area Currency union Customs union Single market Economic union Fiscal union Customs and monetary union Economic and monetary union
Issues Intellectual property rights Smuggling Competition policy Government procurement Outsourcing Globalization Fair trade Trade justice Emissions trading Trade sanctions War Currency war Trade costs Trade war Trade and development
Lists Imports Exports Tariffs Largest consumer markets Leading trade partners
By country Trade mission Trading nation United States Argentina Pakistan Romania Vietnam India
Theory Comparative advantage Competitive advantage Heckscher–Ohlin model New trade theory Economic geography Intra-industry trade Gravity model of trade Ricardian trade theories Balassa–Samuelson effect Linder hypothesis Leontief paradox Lerner symmetry theorem Terms of trade
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Part of a series on
World trade
Policy Import Export Balance of trade Trade law Trade pact Trade bloc Trade creation Trade diversion Export orientation Import substitution Trade finance Trade facilitation Trade route Domestic trade Tax
Restrictions Trade barriers Tariffs Non-tariff barriers Import quotas Tariff-rate quotas Import licenses Customs duties Export subsidies Technical barriers Bribery Exchange rate controls Embargo Safeguards Countervailing duties Anti-dumping duties Voluntary export restraints
History Mercantilism Protectionism Laissez-faire Free trade Economic nationalism Economic integration
Organizations International Monetary Fund International Trade Centre World Trade Organization World Customs Organization International Chamber of Commerce
Economic integration Preferential trading area Free-trade area Currency union Customs union Single market Economic union Fiscal union Customs and monetary union Economic and monetary union
Issues Intellectual property rights Smuggling Competition policy Government procurement Outsourcing Globalization Fair trade Trade justice Emissions trading Trade sanctions War Currency war Trade costs Trade war Trade and development
Lists Imports Exports Tariffs Largest consumer markets Leading trade partners
By country Trade mission Trading nation United States Argentina Pakistan Romania Vietnam India
Theory Comparative advantage Competitive advantage Heckscher–Ohlin model New trade theory Economic geography Intra-industry trade Gravity model of trade Ricardian trade theories Balassa–Samuelson effect Linder hypothesis Leontief paradox Lerner symmetry theorem Terms of trade
v t e

Pakistan has bilateral and multilateral trade agreements with many nations and international organizations. It is a member of the World Trade Organization, part of the South Asian Free Trade Area agreement and the China–Pakistan Free Trade Agreement. Fluctuating world demand for its exports, domestic political uncertainty, and the impact of occasional droughts on its agricultural production have all contributed to variability in Pakistan's trade deficit. The trade deficit for the fiscal year 2013/14 is $7.743 billion, exports are $10.367 billion in July–November 2013 and imports are $18.110 billion.

Pakistan's exports continue to be dominated by manpower export in the subcontinent, cotton textiles and apparel. Imports include petroleum and petroleum products, chemicals, fertilizer, capital goods, industrial raw materials, and consumer products.^[1]

On 12 December 2013, the European Union granted GSP Plus status to Pakistan^[2] until 2017, which enabled it to export 20% of its good with 0 tariff and 70 percent at preferential rates to the EU market. This status was given after the European Parliament passed the resolution by 406-186 votes.^[3] Foreign trade is important for the economy because the country has to import different types of products but due to a heavy reliance on imports, Pakistan has been facing a trade balance deficit.^[4]

Exports

Pakistan's exports for the year 2015-2016 stood at US$21 Billion and imports were at US$44.76 billion for the same period.^[5]

Pakistan's exports increased more than 100% from $7.5 billion in 1999 to stand at $18 billion in the financial year 2007–2008.^[6][7]

Pakistan exports rice, kinnows, mangoes, furniture, cotton fiber, cement, tiles, marble, textiles, clothing, leather goods, veterinary surgical supplies, sports goods (renowned for footballs/soccer balls), cutlery, surgical instruments, electrical appliances, software, carpets, rugs, ice cream, livestock meat, chicken, powdered milk, wheat, seafood (especially shrimp/prawns), vegetables, processed food items, Pakistani-assembled Suzukis (to Afghanistan and other countries), defense equipment (submarines, tanks, radars), salt, onyx, engineering goods, and many other items. Pakistan produces and exports cements to Asia and the Middle East. In August 2007, Pakistan started exporting cement to India to fill in the shortage there caused by the building boom.^[8] Russia is a growing market for Pakistani exporters. In 2009/2010 the export target of Pakistan was US$20 billion.^[9] As of April 2015, Pakistan's exports stand at US$29 billion.

List of trading partners

The following is a list of Pakistan's main trading partners as of JULY 2017.

Country	Percentage of imports	Percentage of exports	Percentage of total trade
China	31	11	16.9
European Union	10.4	18.2	13.0
United Arab Emirates	12.1	8.5	10.9
Saudi Arabia	12.2	8.5	9.0
United States	3.7	13.6	6.7
Kuwait	6.3	0.07	4.4
India[1]	4.07	1.67	3
Malaysia	9	0.9	2.9
Japan	3.6	1.6	2.9
Iran	3.4	1.8	2.9
Afghanistan	0.3	7.6	2.8
Singapore	4.1	0.3	2.8

See also

• Economy of Pakistan

References

External links

• Trade and Payments
• SMB Marble
• Pakistan Trade
• "A statistical look into Pakistan's foreign friendships". The Express Tribune. 3 May 2015. Retrieved 4 May 2015.

This page was last edited on 6 March 2024, at 18:31