Pakistani Exports to Iran Plummet Due to US Sanctions

The US sanctions on Iran have had a devastating impact on Pakistani exports to the neighboring country, with exports dwindling to a mere $20,000 in the last fiscal year. This significant decline is largely attributed to the unavailability of banking channels, which has posed a major hurdle for Pakistani businessmen. Over the past five years, Pakistan's exports to Iran have been negligible, amounting to only $130,000. In stark contrast, Pakistan's imports from Iran have seen a substantial increase on a year-on-year basis, with the country importing goods worth $1 billion from Iran in the last fiscal year. In fact, over the past five years, Pakistan has imported goods worth $3.65 billion from Iran. It's worth noting that in the fiscal year 2019-20, Pakistan's exports to Iran were a mere $10,000, and in the subsequent years, 2020-21 and 2021-2022, there were no exports at all. However, in the fiscal year 2022-2023, Pakistan managed to export goods worth $100,000 to Iran. The trade volume between the two countries has been fluctuating, with $4.40 million in exports recorded in the fiscal year 2019, and $51.86 million in imports from Iran in the same year. More recently, in the fiscal year 2023-24, the trade volume stood at $77.38 million, with Pakistan importing $8.80 million worth of goods from Iran in the year 2022-2023