ISLAMABAD: Pakistan’s trade balance has been fluctuating with Belarus for four years. However, Pakistan could manage to reduced the trade balance from 42.03 percent in 2012 to 26.67 percent in fiscal year 2013.
The balance further increased by 0.75 percent in previous fiscal year as it was 27.42 percent, official sources at the Ministry of Commerce told Customs Today while sharing a relevant document in this regard.
Pakistan and Belarus initiated joint ventures in textile, pharmaceutical and lighting solution industries while sharing technological expertise with each other. Pakistan exported items worth $15.23 million to Belarus in 2014, out of which 36 percent was rice, 9.27 percent light pure woven cotton, 10.03 percent styrene polymers, 7.43 percent edible preparations, 4.48 percent leather apparels and 4 percent citrus fruit.
Pakistan’s imports from Belarus stood at $42.65 million, which mainly consisted of tractors (62.04 percent), artificial filament yarn (13.01 percent) and rubber tires (8.06 percent). Belarus has lauded Pakistan’s role and efforts in bringing peace and stability to the world by countering terrorism and offered his country’s full support in this fight.
According to document Pakistan’s trade with Belarus was $57.88 million in 2014 in which Pakistan’s exports were only $15.23 million. The balance of trade traditionally has been in favor of Belarus due to import of tractors.
The document further revealed that in fiscal year 2011, Pakistani exports to Belarus were $13.40 million while imports were $48.82 million and total volume of bilateral trade remained $62.22 million. Same trend continued in the coming fiscal year as Pakistani exports were of $11.91 million and imports soared up ward to $53.94 million and bilateral trade also touched all time higher $65.84 million and balance was also went the highest level 42.03%.
However, the document showed that in next two fiscal years, Pakistani exporters performed well and increase the volume of exports to $15.81 million and $15.23 million against a lowering imports $ 42.48 million and $42.65 million in fiscal years 2013 and 2014 respectively. In these two years trade balance also lowered to $58. 29 million in 2013 and then further squeezed to $57.88 million in last year.
Pakistan and Belarus initiated joint ventures (JVs) in the textile, pharmaceutical and lighting solution industries while sharing technological expertise with each other. Pakistan exported $15.23 million worth of items to Belarus in 2014, out of which 36% was rice, 9.27% light pure woven cotton, 10.03% styrene polymers, 7.43% edible preparations, 4.48% leather apparel and 4% citrus.
It is pertinent to note here, that in August this year Prime Minister Nawaz Sharif paid a two day state visit to Belarus and both countries inked a number of agreements and memorandums of understanding (MoUs) to strengthen their multifaceted ties particularly in the areas of trade, commerce, education and culture. Pakistan maintains an embassy in Minsk, Belarus maintains an Embassy in Islamabad and a Permanent Residential mission in Karachi.
