October 23, 2019(MLN): Total Exports from Pakistan as per Balance of Payment (BOP) during the month of September 2019 amounted to $1.9 billion (provisional), as against $1.89 billion (restated) in August 2019 and the US $1.80 billion during September 2018. This resulted in an increase of 0.89% MoM and 5.87% YoY.
Diversifying the export market would be a key in the enhancement of export proceeds as Pakistan's exports rely on only a few markets i.e. the United States, China, UK, Germany, United Arab Emirates, Netherlands and Spain.
As per the data released by State Bank of Pakistan (SBP), among the top trading partners, the United States of America (USA) remained the top export destinations of the Pakistani products during the month of September 2019 as its share of imports in Pakistan's overall exports increased by 8.09% YoY while it showed a decrease of 0.59% MoM.
In the second place was China as its imports stood at $145 million in September 2019, up by 1.62% YoY and 15.14% MoM.
This was followed by the United Kingdom, wherein Pakistan exported goods worth $141 million against the exports of $144 million last year, showing a decline of 2.09% but an increase of 2.87% as compared to the last month, August 2019.
Among other countries, Pakistan’s exports to Germany stood at $102 million in September 2019, as against $99 million during last year, marking a growth of 2.5% whereas it decreased by 2.2% when compared to August 2019.
The exports to UAE were recorded at $85.3 million against $81.2 million whereas the exports to the Netherlands were recorded at $84.2 million against $73.8 million last year, showing an increase of 14% YoY.
During September 2019, the exports to Spain were recorded at $81 million against $83 million last year, down by 2.6% YoY while exports on monthly basis jumped by 8.65% from $74.83 million.
The exports to Afghanistan stood at $77 million against $59 billion last year, up significantly by 29% YoY. On a monthly basis, it mounted by 33.85%. Whereas, the exports to Italy increased by 19%, from $58.7 million to $69.9 million when compared to the same period of last year.
Pakistan’s exports to Bangladesh were recorded at $57.6 million against $68.78 million last year, showing a decline of 16%. Whereas, the exports to India during September 2019, were recorded at $1.7 million against $25.6 million last year, depicting a massive decline of 93%.
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