Iran-Pakistan trade rises despite US sanctions’

[t-birds]

'Iran-Pakistan trade rises despite US sanctions’

A Pakistani minister says trade levels with Iran have increased over the past few years despite US sanctions imposed against the Islamic Republic over its nuclear energy program.


"The balance of trade USD 410.438 million remained in favor of Iran [in 2010-2011]. During the last few years there has generally been a positive trend in trade relations between Pakistan and Iran,” Pakistani Federal Minister for Commerce Makhdoom Amin Fahim said.

Islamabad exports to Tehran stood at USD 161.941 million in 2010-11, whereas imports from Iran accounted for USD 572.379 million, Pakistan’s biggest financial daily Business Recorder reported on Saturday.

Amin Fahim said Pakistan's major exports to Iran in 2010-11 include rice, fruit, chemical material and products, cotton fabric, and manufactures of non-ferrous metals.

Pakistan's major imports from Iran during the same period were petroleum, chemical compounds, chemical material and products, machinery and its parts, and ores and concentrates of iron, he said.

Earlier in January, Pakistani President Asif Ali Zardari said Islamabad would not limit trade relations with Iran “because of the political whims of any outside power.”

Pakistan has no choice but to seek greater ties with its neighbors - Iran, China, India and Afghanistan - "because the economies of the West are in trouble and not in a position to help us," Zardari added.

PressTV - ?Iran-Pakistan trade rises despite US sanctions?

 

[Hyde]

Trade between Pakistan and Iran is still not very much. Iran imports about 60 billion dollars worth of goods from abroad out of which 0.16 billion dollars is being imported from Pakistan. It means only 0.26% of the total imports are coming from Pakistan and only 0.715% of the total exports are going to Pakistan (80 billion dollars exports x 572 million dollars to Pakistan).

This is despite the fact we are neighbours... Iranian media should be changing their gears to silent mode and not publish such articles in exaggerated language. Its only 0.26% of imports and 0.71% of total export trade with Pakistan. First raise to 5% or something like that??

 

[lem34]

Trade between Pakistan and Iran is still not very much. Iran imports about 60 billion dollars worth of goods from abroad out of which 0.16 billion dollars is being imported from Pakistan. It means only 0.26% of the total imports are coming from Pakistan and only 0.715% of the total exports are going to Pakistan (80 billion dollars exports x 572 million dollars to Pakistan).

This is despite the fact we are neighbours... Iranian media should be changing their gears to silent mode and not publish such articles in exaggerated language. Its only 0.26% of imports and 0.71% of total export trade with Pakistan. First raise to 5% or something like that??

You are right we should be doing a lot more trade. Hopefully regional constraints will encourage more trade

 

[American Pakistani]

Islamabad exports to Tehran stood at USD 161.941 million in 2010-11, whereas imports from Iran accounted for USD 572.379 million, Pakistan’s biggest financial daily Business Recorder reported on Saturday.

Almost every country i saw, there exports is more to Pakistan than imports from Pakistan. Pakistan having more than double of Iran's population should export more to Iran than import.

 

[karan21]

Almost every country i saw, there exports is more to Pakistan than imports from Pakistan. Pakistan having more than double of Iran's population should export more to Iran than import.

well what u said makes no economic sence. having more people doesnt mean anything. y dont u export those ppl to iran? u need to build industry and export high value goods to iran.

 

[BATMAN]

Pakistan loose a lot of revenue in smuggling!

I would like to see Iran selling its stuff via proper way, rather flooding local/border markets by unfair means!

Unfortunately, ungraded diesel worth of millions of dollars is being smuggled into Pakistan without check!!!!

Anyone, having data on balance of trade? or even better commodity by commodity?

I know recently Iran bought Pakistan wheat, which cost 1/2 as compare to American wheat!

I know Iran import Pakistani Mangoes and rice also... any thing else? and what is the contribution of Pakistani minister?

 

[Hyde]

Almost every country i saw, there exports is more to Pakistan than imports from Pakistan. Pakistan having more than double of Iran's population should export more to Iran than import.

But when you start looking at the imports, most of them are petroleum products.

I was surprised to see Saudi Arabia having 10x (or something like that) more export to Pakistan comparing to imports but then I read 80% - 90% of that import was only oil

 

[Nothing]

I read article on dawn which is showing same figures but different trend and policy of GOP about trade with neighbours...
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KARACHI: Pakistan’s trade with Iran has been hit hard, as it fell sharply during the last 20 months, indicating country’s weak approach towards regional trade.

Pakistan still depends largely on Western partners for trade.

Trade with Iran in 2009-10 was to the tune of $1221 million which fell to just $439 million last year. However, official trade data released on Friday showed that trade with Iran is declining further.

The State Bank reported that trade with Iran during July-February, 2011-12 fell to $158 million while the same for eight months of the previous year was $320 million.

Iran is facing sanctions by US and its European allies, making the country unable to sell its oil products in the region. Country’s central bank has been isolated, and is unable to operate
at international level.

Pakistan is also facing pressure from US to stop gas import plan from Iran through a pipeline project.

China has denied investment for the project while Pakistan is struggling to continue this project with alternate financing arrangements.

A number of analysts said country’s falling trade with Iran could be an outcome of pressure from the countries pressing Iran to accept their conditions to abandon its nuclear programme, which was rejected.However, others said Pakistan’s approach towards regional trade has never been encouraging as it was obvious from its trade ties with other regional countries, like India, China and Afghanistan.

Pakistan’s imports from Iran have been dominant in this bilateral trade as in 2009-10 trade volume stood at $1,221 million and imports at $1017 million.

During the last eight months, exports to Iran remained constant at $82 million while imports fell to $76 million from $238 during the same period of corresponding period.

“Iran is a different case, but India is our competitor as both the countries are major producers of cotton and manufacturer of textile-based products,” said Aamir Aziz, a textile manufacturer and exporter.

India being one of the largest markets, slightly lower than China, has attraction for Pakistan, but a segment of the business community, including manufacturers and traders, has reservations while trading with India.

Their fears are based on assumption that India would make Pakistan a market as it did with Bangladesh. The fear might have some weight, but it also shows weakness of Pakistani competitors.

At the same time, some political elements have also started showing resistance to declare India a most favourite nation for business. Some manufacturers and traders having monopoly in Pakistan also fear that trade with India would either erode their business or reduce their profitability.

“There is a need to assess the impact of trade relations with India as the country is already at a advantageous position while trading with Pakistan.

“Imports from India are higher than exports from Pakistan,” said Aamir.

Business community supports to enhance trade with Iran as the country is not a competitor while the market has potential to absorb exports of textile-based products plus commodity like rice, wheat and sugar from Pakistan.

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Trade with Iran hits rock bottom | Business | DAWN.COM