China dominates as Pakistan's top import partner in October FY24

November 20, 2023 (MLN): Among Pakistan’s top trading partners, China remained the top source of imports for Pakistan during October FY24, followed by U. A. E. Dubai, Saudi Arabia, and Singapore.

According to the data released by the State Bank of Pakistan, the total imports from China during the period under review went up by 9.62% YoY to $993.37 million, as compared to $906.22 million recorded in the corresponding period of last year.

This was followed by U. A. E. Dubai, as Pakistan imported goods worth $529.83m from the country as compared to the imports of $514.27m recorded during the same month of the previous year, depicting a rise of 3.02% YoY.

Saudi Arabia was the third on the list as Pakistan imported products worth $385.88m from the country. This figure was up by 70.55% from the imports of $226.25m in the same period last year.

Singapore was the fourth in line as imports came from the region during the aforementioned period were $282.51m, depicting an increase of 54% YoY.

Among other countries, Pakistan's imports from the Qatar stood at $270.11m, marking a drop of 27.71% YoY, while imports from Indonesia decreased by 10.42% YoY to $224.05m.

Moreover, the imports from U. S. A. stood at $117.46m, down by 25.25% YoY.

In the month of October alone, the total imports from China increased by 12.73% MoM. Similarly, imports from U. A. E. Dubai increased by 34.14%% MoM.

Moreover, imports from Saudi Arabia depicted a decline of 7.13% MoM.

Meanwhile, cumulatively, in 4MFY24, China remained the top source of imports, recording $3.74bn as against the total imports worth $4.14bn in 4MFY23.

Whereas, total imports from U. A. E. Dubai in 4MFY24 stood at $1.74bn, registering a decline of -30.52%.

Cumulatively, Saudi Arabia ranked as the third-largest contributor to Pakistan's imports, accounting for imports valued at $1.13bn in 4MFY24, compared to the imports worth $1.37bn in 4MFY23

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