US sanctions reduce Pakistan exports to Iran to almost nil

ISLAMABAD: US sanctions on Iran have strangulated Pakistani exports to the neighbouring country reducing them to just $20,000 during the last fiscal year, source said Monday.

During the previous fiscal year, Pakistan had exported goods worth meagre $20,000 to Iran as unavailability of banking channels became the main hurdle for the Pakistani businessmen.

The sources said that Pakistan had sent different items to Iran worth only $130,000 during the last five years. On the other hand, Pakistan had registered increase in imports of goods from Iran on year-on-year (YoY) basis.

In last fiscal year Pakistan imported goods worth $1 billion from Iran. During last five years Pakistan had imported goods costing $3.65 billion from Iran while in fiscal year 2019-20 Pakistan had exported different goods to Iran worth only $10,000.

The sources said that during fiscal years 2020-21 and 2021-2022 Pakistani exports to Iran stood nil while in fiscal year 2022-2023 Pakistan exported different items to Iran worth $100,000. During fiscal year 2019 volume of exports between Iran and Pakistan recorded $4.40 million.

In fiscal year Pakistan imported goods worth $51.86 million from Iran. In fiscal year 2023-24 volume of trade between Pakistan and Iran stood $77.38 million and in year 2022-23 Pakistan imported different goods from Iran involving $8.80 million.