Imports from China soar by 89% YoY in February

March 25, 2021 (MLN):  Among Pakistan’s top trading partners, China remained the top source of imports for Pakistan during July-Feb FY21, followed by United Arab Emirates (UAE), Singapore, the USA, and Saudi Arabia.

According to the latest figures released by the State Bank of Pakistan (SBP), the total imports from China during the period under review were increased by 24% YoY to $7.85 billion, as compared to $6.34 billion recorded in the corresponding period of last year.

This was followed by UAE, as Pakistan imported goods worth $4.32 billion from the Emirates as compared to the imports of $4.78 billion recorded during Jul-Feb FY20, depicting a decline of 10% YoY.

Singapore was the third in the list as Pakistan imported products worth $1.93 billion from the country. This figure was up by 27% from the imports of $1.52 billion in the same period last year.

Next up were the USA and Saudi Arabia as imports came from the regions during the aforementioned period was $1.467 billion and $1.38 billion respectively. The imports from the USA compared to the same period last year remained flat while imports from Saudi Arabia soared by 37% YoY in 8MFY21.

Among other countries, Pakistan’s imports from Japan stood at $854.76 million, marking a jump of 16% YoY, while imports from Kuwait were inched up by 9% YoY to $803.97 million.

The imports from South Korea and Switzerland stood at $776 million and $774 million, grew significantly by 61% and 94% YoY respectively.

In the month of Febraury’21 alone, the total imports from China jumped by 89% YoY and declined by 3% MoM to $1.05 billion. On the contrary, imports from UAE dipped by 6% YoY while grew by 25% MoM to $568.45 million.

Moreover, total imports from Singapore depicted an increase of 24% YoY and 2%, MoM, to $297.26 million during the month. The imports from the USA came down by 4% YoY to $236.5 million, while on monthly basis it remained static.

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