Imports from China expand by 64% YoY in Nov

December 22, 2021 (MLN): Among Pakistan’s top trading partners, China remained the top source of imports for Pakistan during November 2021, followed by United Arab Emirates (UAE), Saudi Arabia, Singapore, and then the USA.

According to the latest figures released by the State Bank of Pakistan (SBP), the total imports from China during the month under review were increased by 64% YoY to $1.55billion, as compared to $943million recorded in November 2020. While compared with the previous month, imports from China showed a steady increase of 11.03% from $1.4bn.

This was followed by UAE, as Pakistan imported goods from the region worth $755mn which significantly jumped by 43% YoY compared to the imports of $526mn recorded during November 2020. On a MoM basis, imports from UAE staggered below by 20%.

Saudi Arabia was the third in the list as Pakistan imported products worth $368mn from the country. This figure was up by 2.2x YoY and down by 2.9% MoM from the imports of $167mn in November 2021 and $379mn in October 2021, respectively.

Next up were Singapore and the USA as imports recorded from the regions during the month were $412mn and $272mn, respectively. The imports from Singapore showed an increase of 71% MoM and 50% YoY, while imports from the USA soared by 90% MoM and 32% YoY.

Among other countries, Pakistan’s imports from Japan stood at $203mn, marking a jump of 85% YoY and a slight decrease of 1.2% MoM. Malaysian exports to Pakistan were recorded at $173mn increasing by 51% YoY and 6% MoM. Imports from the UK stood at $105mn increasing by 68% YoY and 22% MoM respectively.

In the months of July to November 2021, China maintained its position as a top importer with a cumulative import of $6.96bn, a recorded 53% increase as compared to last fiscal years’ July to November data. UAE followed, with imports from the Emirati region jumping up to a massive $4bn, 1.5x that of last years’ data. Saudi Arabian cumulative exports to Pakistan were recorded at an increase of 1.15x, standing at $1.72bn.

Copyright Mettis Link News