June 21, 2019 (MLN): Pakistan’s import bill has come down by 6% during Jul-May FY19 to $48.45 billion and in the month of May FY19 it has declined by 14% to $4.4 billion compared to same period last year.
The data published by SBP reflects that Pakistan’s imports are highly concentrated in few countries, as more than half of the imports originate from the countries like, China, UAE, Singapore, Saudi Arabia and USA.
Among Pakistan’s top trading partners, China is the country from where Pakistan imports the most. According to the latest figures published by State Bank of Pakistan (SBP), during Jul- May 2018-19, China’s exports to Pakistan which accounted for 19% of Pakistan’s imports witnessed a decline of 10% to $9.3 billion against $10.3 billion in the same period last year.
While on monthly basis, China’s exports to Pakistan have increased by 35% to $1 billion in the month of May 2019 against $797.8 million in April 2019.
United Arab Emirates (UAE) has the second largest share in Pakistan imports, as its exports to Pakistan accounted for 16% of Pakistan’s imports during Jul-May FY19. Its exports to Pakistan stood at $8.2 billion during 11MFY19, while in the month of May it stood at $661.5 million, showing a decline of 5% MoM and 23% YoY.
Singapore has emerged as the third largest exporter to Pakistan, its exports to Pakistan have decreased by 23% during eleven months of the current fiscal year to stand at $3.1 billion against $4 billion in the same period last year.
Saudi Arabia is just a little behind Singapore, 5.6% of Pakistan imports came from the region during the aforementioned period. Its exports to Pakistan dropped by 2% to $2.74 billion from $ 2.78 billion reported last year. Whereas, in the month of May, its exports to Pakistan have increased significantly by 47% MoM and 26% YoY.
Among other trading partners, Pakistan’s imports from Qatar during 11MFY19 increased significantly by 33% to $1.9 billion against $1.4 billion last year. However, the latest figure indicates that its exports to Pakistan in the month of May decreased considerably by 60% MoM and 57% YoY.
Similarly, on cumulative basis, the imports from USA increased by 6% to $1.96 billion.
On the other hand, the imports from Japan and India declined by 16% and 9% to $1.42 billion and $1.5 billion respectively.
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