Pakistan’s Trade Deficit with SCO Nations Surges Over 41%
Imports from China, Russia, and India Drive Deficit to $11.7 Billion in FY24

Pakistan’s trade deficit with the nine member countries of the Shanghai Cooperation Organisation (SCO) has surged by over 41%, reaching $11.703 billion in FY24, up from $8.298 billion in the previous fiscal year. This increase is primarily driven by a significant rise in imports from China, Russia, and India.
As heads of state from SCO nations convene in Islamabad for the 25th summit, discussions are focused on enhancing multilateral cooperation on critical issues such as terrorism, economic collaboration, and climate change.
In FY24, Pakistan experienced notable growth in exports to SCO countries, especially China. Overall, exports to the nine countries—including India, Iran, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, Uzbekistan, and Belarus—rose by 32.4%, reaching $3.076 billion, compared to $2.323 billion in FY23. However, exports to most other countries continued to decline, according to reports from the State Bank of Pakistan.
Conversely, imports from SCO nations surged by 39.14% to $14.779 billion in FY24, compared to $10.621 billion in the previous year, contributing to the widening trade deficit. Imports from China alone increased by 39.78% to $13.506 billion, which constitutes 91.38% of total imports from SCO countries.
Exports to China rose by 33.68%, totaling $2.707 billion in FY24, with regional exports to the country accounting for 63% of Pakistan’s total exports. In contrast, imports from Russia increased by 36.58% to $1.011 billion, even as exports to Russia fell by 10.89% to $78.91 million.
Trade with India saw imports rise by 8.87% to $206.89 million, while exports surged to $3.669 million, a significant increase from just $0.329 million in the previous year.
Kazakhstan emerged as a key trade partner, with exports from Pakistan reaching $183.16 million, reflecting a remarkable 92.35% increase from FY23. Conversely, imports from Kazakhstan dropped by 84.55% to $0.677 million.
Trade with Kyrgyzstan remained stable, with exports at $9.56 million and imports rising by 104% to $0.357 million. Exports to Tajikistan declined by 37.38% to $14.46 million, while imports surged by 65.67% to $6.13 million, aided by a transit trade agreement allowing goods to be imported via Pakistani ports.
The trade dynamics with Uzbekistan showed exports declining by 2.05% to $77.79 million, while imports skyrocketed by 91% to $28.54 million, following the implementation of a transit trade agreement.
Finally, while imports from Belarus rose to $27.64 million from $5.60 million, exports to Belarus decreased slightly to $1.79 million. Trade with Iran remains predominantly barter-based, limiting the availability of comprehensive official data regarding its full potential.
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