Pakistan and India bilateral trade faces the worst blow in FY 2019-20
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KARACHI: Pakistan and India bilateral trade faces the worst blow in FY 2019-20 amid strained bilateral relations.
The trade between the two countries continued to suffer, but still mostly skewed in India’s favour in the first half of 2019-20.
The latest data issued by the State Bank of Pakistan shows that bilateral trade volume plunged in the first half of this fiscal year.
Pakistan’s exports to India during the period came in at an insignificant $16.8 million as compared to $213m in first half of 2018-19.
Meanwhile, imports from India also fell to $286.6m as against $865m in the same period. As a result, Pakistan’s trade deficit with the eastern neighbour amounted to $269.8m.
Similarly, imports from China — the country’s largest trade partner — fell to $4.8 billion during July-December versus $5bn in same period last year. However, exports slightly rose to $936m, up from $889m in 1HFY19.
This meant a trade balance with China at a negative $864bn.
