Exports to Japan fall 11 percent in first half

TOKYO: Pakistan’s exports to Japan fell 11 percent during the first half of the current fiscal year to $89 million due to bad performance of officials and exporters, sources said on Wednesday.

According to a report by State Bank of Pakistan (SBP), Pakistan’s exports of goods and services to Japan have decreased by 10.66 percent during the first half of the current financial year (2020-21) compared to the corresponding period of last year. The report further revealed that the overall exports to Japan were recorded at $89.022 million during July-December (2020-21) against exports of $99.646 million during July-December (2019-20), showing negative growth of 10.66 percent.

On yearly comparison basis, the exports to Japan during December 2020 also decreased by 4.72 percent, from $15.532 million last year to $14.798 million. On monthly comparison basis, the exports to Japan also witnessed decline of 19.10 percent during December 2020 when compared to the exports of $18.293 million in November 2020.

On the other hand, exports to other countries in the world have seen an increase. Pakistan’s export to China crossed $312.33 million in December 2020, and despite the epidemic of COVID-19 bilateral trade between Pakistan and China has increased significantly. Pakistan’s exports stood at $312.33 million in December 2020, which is 41 percent higher from $221 million in the same month of the previous year, China Economic Net reported.

Conversely, Pakistan’s exports of goods and services to United Kingdom witnessed an increase of 10.79 percent during the first half of the financial year (2020-21) compared to the corresponding period of last year, State Bank of Pakistan reported. The report further disclosed that overall exports to UK were recorded at $956.498 million during July-December (2020-21) against exports of $863.33 million during July-December (2019-20), showing growth of 10.79 percent.