Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood on Friday said that the Ministry of Commerce's (MoC) ‘Silk Route Reconnect’ initiative is bearing results after Pakistan exports to Central Asia increased to $145 million in 2020-21 from $104 million in 2019-20.

“MoC Silk Route Reconnect initiative is bearing results,” said Dawood, in a series of tweets. “Our exports to Central Asian Republics (CARs) are showing an increasing trend. These increased by 39.42% from $104 million in 2019-20 to $145 million in 2020-21.”

Moreover, for six months, from July-December 2021, these exports were increased 173% to $134 million from $49 million during the same period last year, the advisor said.

Trade and Investment Conferences were held in Uzbekistan and Tajikistan in 2021 where opening of banks in each other’s countries were discussed, informed the advisor.

“We are negotiating Preferential Trade Agreements (PTAs) with Afghanistan, Azerbaijan and Uzbekistan,” said Dawood, whereas Transit Trade Agreements are also being negotiated with Azerbaijan, Kazakhstan, Afghanistan, and Tajikistan.

According to the latest data released by the Pakistan Bureau of Statistics (PBS), the country’s exports declined by 5.55% on a month-on-month basis and clocked in at $2.74 billion in December 2021 compared to $2.901 billion in November 2021.

Overall in the first half of the ongoing fiscal year, the country’s exports increased by 24.7% and remained $15.102 billion compared to $12.110 billion during the same period of 2020-21.

However, the trade deficit widened by 106.4% during the first half (July-December) and reached $25.478 billion, owing to a rising import bill.