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HomeEconomyImport payments to China soared by 35% to $10.3bn during 10MFY21

Import payments to China soared by 35% to $10.3bn during 10MFY21

May 28, 2021 (MLN): Among Pakistan’s top trading partners, China remained the top source of imports for Pakistan during July-Apr FY21, followed by United Arab Emirates (UAE), Singapore, the USA, and Saudi Arabia.

According to the latest figures released by the State Bank of Pakistan (SBP), the total imports from China during the period under review were increased by 35% YoY to $10.3billion, as compared to $7.64bn recorded in the corresponding period of last year.

This was followed by UAE, as Pakistan imported goods worth $5.6bn from the Emirates, which went down marginally compared to the imports of $5.66bn recorded during Jul-Apr FY20.

Singapore was the third in the list as Pakistan imported products worth $2.49bn from the country. This figure was up by 62% from the imports of $1.187bn in the same period last year.

Next up were the USA and Saudi Arabia as imports came from the regions during the review period was $1.99bn and $1.92bn, respectively. The imports from the USA surged by 6% YoY while imports from Saudi Arabia soared notably by 62% YoY in 10MFY21.

Among other countries, Pakistan’s imports from Japan stood at $1.25bn, marking a jump of 36% YoY, while imports from Kuwait were mounted by 18% YoY to $1.07bn.

The imports from South Korea and Qatar stood at $1.06bn and $1.03bn during 10MFY21. Compared to the same period a year ago, Pakistan’s import payments to South Korea swelled by 70% YoY whereas, payments to Qatar nosedived by 28% YoY.

In the month of April’21 alone, the total imports from China jumped by 84% YoY and 2% MoM to $1.24bn. Likewise, imports from UAE also soar by 61% YoY and 1% MoM to $634mn.

Moreover, total imports from Saudi Arabia depicted a huge increase of 285% YoY and 54%, MoM, to $322.9mn during the month. The import payments to Singapore also inclined by 21% YoY to $289.1mn, while on monthly basis it came down by 7%.

Copyright Mettis Link News

Posted on: 2021-05-28T13:27:00+05:00


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