US sanctions reduce Pakistan exports to Iran to almost nil.
US sanctions on Iran have strangulated Pakistani exports to the neighbouring country, reducing them to just $20,000 during the last fiscal year, reported The Asian Mirror on Monday, quoting sources.
During the previous fiscal year, Pakistan had exported goods worth a meagre $20,000 to Iran as the unavailability of banking channels became the main hurdle for the Pakistani businessmen.
The sources said that Pakistan had sent different items to Iran worth only $130,000 during the last five years.
On the other hand, Pakistan had registered an increase in imports of goods from Iran on a year-on-year (YoY) basis. In the last fiscal year, Pakistan imported goods worth $1 billion from Iran.
During the last five years, Pakistan had imported goods costing $3.65 billion from Iran, while in the fiscal year 2019-20, Pakistan had exported different goods to Iran worth only $10,000.
The sources said that during fiscal years 2020-21 and 2021-2022, Pakistani exports to Iran stood at nil, while in fiscal year 2022-2023, Pakistan exported different items to Iran worth $100,000.
During fiscal year 2019, the volume of exports between Iran and Pakistan recorded $4.40 million. In fiscal year 2022, Pakistan imported goods worth $51.86 million from Iran.
In fiscal year 2023-24, the volume of trade between Pakistan and Iran stood at $77.38 million and in year 2022-23, Pakistan imported different goods from Iran involving $8.80 million.
