Trade suspension to hit India more than Pakistan
Pakistan's trade deficit with India reached $1.28 billion during the year 2018-19 against total bilateral trade volume of around $1.9 billion.
During the period under review, Pakistan's exports to India remained $312 million against imports of $1.593 billion from the latter.
Pakistan on Wednesday announced to suspend all kinds of trade and diplomatic relations with India after a unilateral decision of revoking Article 370 by the latter to withdraw a special status given to the occupied Jammu and Kashmir.
Pakistan's main exports to India are seeds, vegetables, rice, herbs, cement, marble, leather, salt, and cotton yarn.
Similarly, main goods that Pakistan imports from India, include meat, edible offal of bovine animal, milk and cream, leguminous vegetables, tea, maize corn, seeds for sowing, plants for pharmacy, perfume, fats of animals, palm oil, cocoa powder, petroleum coke, chemicals, cyclic hydrocarbons, antibiotics, medicines, organic surf act agents, insecticides, rubber, textiles, machinery, and transport.
According to the latest data released by State Bank of Pakistan (SBP), Pakistan's import from India witnessed a declining trend from $1.8 billion in July-June (2017-18) to $1.59 billion in the same period of the year 2018-19.
Likewise, exports to India in the fiscal year 2019 also went down to $312.032 million against $419.7 million in FY 2018.
Meanwhile, the business leaders across the country lauded the government's response to Indian irresponsible attitude and assured their full support in that regard.
They said the business community would extend full cooperation for national unity, integrity, and defence of the motherland.
Islamabad Chamber of Commerce and Industry (ICCI) President Ahmed Hassan Mughul said the business community fully supported decisions of National Security Council to downgrade diplomatic relations and suspension of bilateral trade with India due to its illegal action on occupied Kashmir.
He appealed to the nation to boycott all the Indian products.
Ahmed Hassan Moughal said in line with the government stand, the business community of Pakistan would observe August 14 as a solidarity day with Kashmiris and August 15 as a black day to send a united message to the whole world that every citizen of the country stood with the Kashmiris in their just struggle for independence from the Indian yoke.
He also stressed upon the business community to stop doing any kind of trade with India. He said that the business community also supported the government move to revise all bilateral arrangements with India and take its illegal revocation of the special status of occupied Kashmir to the United Nations.
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