Pakistan had a trade surplus of $6.421 million with Russia in July-August 2022. Data from the State Bank of Pakistan (SBP) shows that the bilateral trade volume was worth $388.492 million in fiscal year 2021-22.
Exports from Pakistan to Russia were $14.005 million in July-August FY23 compared to $21.133 million in the corresponding period of FY22, showing a decline of 33%. Currently, it might be advantageous for Pakistan to divert its banana exports from Afghanistan to Russia and its onion exports from Sri Lanka to Russia.
Pakistan’s exports of onions have increased by more than 50% during the last few years, while Pakistan has not exported onions to Russia. Data from the ITC (International Trade Centre) Trade Map shows that Pakistan exports onions to Sri Lanka at $378 per ton, while Russia imports onions from the Netherlands at $936 per ton.
Exporting bananas from Pakistan to Russia could benefit the national exchequer by $21 million and exports of onions from Pakistan to Russia have the potential to fetch $4 million.
Source: nation.com.pk