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China tops Pakistan’s import list in April, despite a sharp 57% YoY drop

China tops Pakistan’s import list in April
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May 17, 2023 (MLN): Among Pakistan’s top trading partners, China remained the top source of imports for Pakistan in April FY23, followed by United Arab Emirates (UAE), Qatar, and Saudi Arabia.

The total imports from China during the period under review fell by a significant 56.87% YoY to $598.09 million, as compared to $1.38 billion recorded in the corresponding period of last year, the latest figures released by the State Bank of Pakistan (SBP) showed,

This was followed by UAE, as Pakistan imported goods worth $413.45m from the Emirates in the review period as compared to the imports of $661.43m recorded in April 2022, depicting a decline of 37.49% YoY.

Qatar was the third on the list as Pakistan imported products worth $298.41m from the country. This figure was also down by 33.65% from the imports of $449.77m in the same period last year.

Saudi Arabia was the fourth in line as imports came from the region during the aforementioned period were $256.99m, depicting a plunge of 50.73% YoY.

Cumulatively, the imports from China in 10MFY23 shrank 41.95% YoY to $8.34 billion. Similarly, imports from UAE stood at $4.83bn, down by 9.14% YoY in 10MFY23.

On the other hand, the cumulative imports from Qatar surged by 60% YoY in 10MFY23 to stand at $3.22bn.

Meanwhile, on a monthly basis, imports from China, Qatar, and Saudi Arabia marked a decline of 12.05% MoM, 0.15% MoM, and 13.01% MoM respectively.

Whereas monthly imports from UAE marked a meager increase of 2.66% MoM.

Among other countries, Pakistan’s imports from the USA stood at $186.37m, marking a decline of 26.24% YoY, while imports from Australia increased by 2.54x YoY to $47.93m.

The imports from Malaysia stood at $54.26m, down by 55.11% YoY.

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Posted on: 2023-05-17T16:45:56+05:00