Pakistan suffers negative $ 620.99 million trade balance with Russia


ISLAMABAD, Pakistan: Total bilateral trade between Pakistan and Russia stood at US $ 945.87 million in fiscal year 2020-21 with a trade balance of-US $ 620.99 million.

In a written response to a question from Nafeesa Inayatullah Khan Khattak, the Minister of Commerce told the National Assembly on August 2 that in fiscal year 2020-21, Pakistan’s exports to Russia were recorded at $ 171.94 million while imports from Russia to Pakistan were recorded at $ 773.93 million.

The Chamber was informed that Pakistan’s main exports to Russia included kinnows, tangerines, leather clothing items, potatoes, cotton denim fabrics, men’s / boys’ sets, instruments and devices used in medical or veterinary sciences, gloves covered with plastic, plain polyester fabrics, cotton fabric and bed linen, etc.

While Pakistan’s main imports from Russia include durum wheat, wheat and meslin, peas, isobutene-isoprene (butyl) rubber, natural gas, styrene-butadiene rubber, newsprint, paper , vaccines, dried lentils and chickpeas, etc.

The minister said that no trade agreement between Pakistan and Russia had been signed in the past three years.

Informing the Chamber of measures taken by the government to improve trade in 2021, the minister said that a delegation to the Russian Federation was planned under the leadership of the Secretary of Commerce in June / July 2021 to explore avenues of mutual cooperation and improvement of bilateral trade and economic relations.

However, the same has been postponed due to travel restrictions imposed by the Russian Federation.

The trade minister said the temporary ban on importing rice from Pakistan to the Russian Federation had also been lifted for four companies.

Other rice processing / exporting companies are also contacting the Plant Protection Department (DPP) and trade section in Moscow to initiate the virtual inspection procedure, he said.

The minister further said that the Trade Wing Moscow participated in the St. Petersburg International Economic Forum (SPIEF) in a number of sessions, including on the digitization of SMEs, international trade and global values, and the market of post-pandemic consumption.

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