Every country has its own trends and procedures about foreign trade. When you are planning to do import export business with Pakistan, it is important to ascertain the trade scenario, the foreign trade trends and procedures to do successful business and make informed decisions.
An authentic Global Import Export Data, will provide key inputs that include HS code, import/export destination, price/quantity of the goods imported/exported, competitor’s address, the country’s with whom they trade, quantity of goods exported/imported by them and moreAll these details help importers and exporters of Pakistan know the trade dynamics of the country. As per Pakistan Import Data, the main imports of the country increased to 1076074 PKR Million in March 2023.
The main imports were Petroleum products, palm oil, petroleum crude, and natural gas. The main import partners are China, United Arab Emirates, and Indonesia.
As per Pakistan Export Data, the main exports of the country stood at USD 1.3 billion in 2023. The main exports are house linens, rice, non-knit men’s suit, knit sweaters and non-knit women’s suit. The main export partners are United States, China, Germany, and United Kingdom.
Procedure to start import business in Pakistan
1. Import License: It is mandatory to have an import license in Pakistan. Having license will make imports smoother and faster else importers need to face unwanted delays and added costs, especially if you want to import products that have more restrictions.
2. Company Name Approval: Importers need to submit all the incorporation documents within 90 days for the approval of the company name.
3. Submission of Documents: Next step is the submission of the documents that include three copies of Memorandum of Association, three copies of articles of association, National ID card, and other related documents.
4. Deposit of Shares by Shareholders: After the registration process, shareholders of the company will have to deposit their share to bank account of company.
5. Added Registration: Your import company also needs to register with Federal Board of Revenue.
6. Import License: Last step is to apply for import license
How to start export business in Pakistan?
1. Register as an exporter
2. Choose the market where you want to sell your product keeping in mind the economic position of the country
3. Make offer and quote the price of product
4. Submit documents like E-form, commercial invoice, certificate of origin, packing list, Non-GMO certificate, pre-shipment certificate.
Wrap UP
Collaborate with a good import export data provider to know foreign trade trends and procedures of Pakistan.