China dominates as Pakistan’s top import partner in January FY24

February 19, 2024 (MLN): Among Pakistan’s top trading partners, China remained the top source of imports for Pakistan during January FY24, followed by Qatar, Saudi Arabia, and U. A. E. Dubai.

According to the data released by the State Bank of Pakistan, the total imports from China during the period under review went up by 91.5% YoY to $1.18 billion, as compared to $614.83 million recorded in the corresponding period of last year.

This was followed by Qatar, as Pakistan imported goods worth $393.15m from the country as compared to the imports of $387.61m recorded during the same month of the previous year, depicting a rise of 1.43% YoY.

Saudi Arabia was the third on the list as Pakistan imported products worth $389.7m from the country. This figure was up by 46.68% from the imports of $265.68m in the same period last year.

U. A. E. Dubai was the fourth in line as imports came from the region during the aforementioned period were $384.35m, depicting an increase of 8.44% YoY.

Among other countries, Pakistan's imports from the Singapore stood at $245.88m, marking a rise of 28.16% YoY, while imports from Kuwait increased by 103.93% YoY to $232.23m.

Moreover, the imports from Indonesia stood at $218.63m, up by 16.6% YoY.

On a sequential basis, the total imports from China increased by 13.07% MoM. Similarly, imports from Qatar increased by 61.83% MoM.

Moreover, imports from Saudi Arabia depicted an increase of 7.49% MoM.

Meanwhile, cumulatively, in 7MFY24, China remained the top source of imports, recording $6.96bn as against the total imports worth $6.46bn in 7MFY23.

Whereas, total imports from Saudi Arabia in 7MFY24 stood at $2.79bn, registering an increase of 37.71%.

Cumulatively, U. A. E. Dubai ranked as the third-largest contributor to Pakistan's imports, accounting for imports valued at $2.77bn in 7MFY24, compared to the imports worth $3.81bn in 7MFY23.

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