April 24, 2020 (MLN): Pakistan’s import bill has come down by 16% during Jul-March FY20 to stand at $32.93 billion, and in the month of March, it has declined by 7% MoM and 19% YoY to $3.32 billion. Among Pakistan’s top trading partners, China is the country where Pakistan imports the most.
According to the latest figures published by State Bank of Pakistan (SBP), during Jul-March FY20, China’s exports to Pakistan witnessed a decline of 7% to $6.97 billion against $7.48 billion in the same period last year.
Pakistan imported good worth $625 million from China, showing an increase of 13% MoM while a decrease of 27% YoY in the month of March 2020.
During 9MFY20, United Arab Emirates Dubai emerged as the second major country where Pakistan imported the most as its exports to Pakistan amounted to $3.76 billion against $4.63 billion reported in the same month of last year, depicting a decline of 18% YoY.
While in the month of March 2020, it stood at $335 million, showing a decline of 18% MoM and 19% YoY owing to the slow movement of Cargo shipment amid COVID-19 outbreak.
Singapore has the third-largest share in Pakistan imports, its exports to Pakistan decreased by 18% during 9MFY20 to stand at $1.77 billion against $2.62 billion in the same period last year.
Among other trading partners, Pakistan’s imports from the USA during 9MFY20 went up by around 5% to $1.66 billion against $1.58 billion last year. However, the latest figure indicates that its exports to Pakistan in the month of March 2020 decreased considerably by 21% MoM and 9% YoY.
This was followed by Qatar, wherein Pakistan imported worth $1.35 billion, declined by 18% during Jul-March FY20. in the month of March 2020, its exports to Pakistan stood at $135 million, up by 17% MoM while down by 41% YoY.
Saudi Arabia is just a little behind Qatar, its exports to Pakistan dropped significantly by 50% to $1.07 billion from $2.17 billion reported last year. Similarly, in the month of March 2020, its exports to Pakistan dipped by considerably by 43% MoM and 67% YoY to clock in at $64 million.
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