Trade between Pakistan and India continued in May despite a brief military skirmish and ongoing border closures, with official data showing that imports from India during July to May of fiscal year 2025 reached the highest level in three years.
Data from the State Bank of Pakistan (SBP) shows that imports from India reached $215 million in the first 11 months of FY2025, up from $207 million in FY2024 and $190 million in FY2023. In May alone — the month in which a four-day military flare-up occurred during the first week — imports stood at $15 million, compared to $17 million in the same month last year.
However, Pakistan’s exports to India remained negligible. Only $1,000 worth of exports were recorded in May, while total exports from July to May of FY2025 amounted to just $500,000. In comparison, exports during FY2024 and FY2023 were $3.44 million and $330,000 respectively, highlighting the one-sided nature of trade relations between the two countries.
Although official data reflects limited trade, Indian research institutions claim actual trade volumes are much higher. The India-based Global Trade Research Initiative (GTRI) reported last month that India’s informal exports to Pakistan are estimated at $10 billion annually, primarily routed through Dubai, Colombo, and Singapore.
