China’s dominance in Pakistan’s imports continues In Dec FY24

January 17, 2024 (MLN): Among Pakistan’s top trading partners, China remained the top source of imports for Pakistan during December FY24, followed by Saudi Arabia, U. A. E. Dubai, 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 10.72% YoY to $1 billion, as compared to $906.13 million recorded in the corresponding period of last year.

This was followed by Saudi Arabia, as Pakistan imported goods worth $408.75m from the country as compared to the imports of $73.92m recorded during the same month of the previous year, depicting a rise of 452.95% YoY.

U. A. E. Dubai was the third on the list as Pakistan imported products worth $345.35m from the country. This figure was down by 40.35% from the imports of $578.95m in the same period last year.

Singapore was the fourth in line as imports came from the region during the aforementioned period were $241.29m, depicting an increase of 7.09% YoY.

Among other countries, Pakistan's imports from the U. K. stood at $209.45m, marking a rise of 423.79% YoY, while imports from Qatar decreased by 9.1% YoY to $198.19m.

Moreover, the imports from Indonesia stood at $190.14m, down by 27.66% YoY.

In the month of December alone, the total imports from China increased by 0.99% MoM. Similarly, imports from Saudi Arabia dropped by 15.87%% MoM.

Moreover, imports from U. A. E. Dubai depicted a decline of 34.82% MoM.

Meanwhile, cumulatively, in 1HFY24, China remained the top source of imports, recording $4.74bn as against the total imports worth $5.05bn in 1HFY23.

Whereas, total imports from U. A. E. Dubai in 1HFY24 stood at $2.09bn, registering a decline of -32.36%.

Cumulatively, Saudi Arabia ranked as the third-largest contributor to Pakistan's imports, accounting for imports valued at $1.63bn in 1HFY24, compared to the imports worth $1.44bn in 1HFY23

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