February 25, 2022 (MLN): Among Pakistan’s top trading partners, China remained the top source of imports for Pakistan during January 2022, followed by United Arab Emirates (UAE), Indonesia, Singapore, and 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 34% YoY to $1.44 billion, as compared to $1.08bn recorded in January 2021. However, compared with the previous month, imports from China fell by 10% from $1.60bn.
This was followed by UAE, as Pakistan imported goods from the region worth $330mn which dropped by 8% YoY compared to the imports of $359mn recorded during January 2021. On an MoM basis, imports from UAE plunged by 30%.
Indonesia was the third in the list as Pakistan imported products worth $264mn from the country. This figure surged by 2.8x YoY and on a sequential basis, it was up by 15% during the said period under review.
Next up were Singapore and the USA as imports recorded from the regions during the month were $260mn and $255mn, respectively. The imports from Singapore showed a decrease of 12% MoM and 11% YoY. Imports from the USA came down by 14% MoM while up by 8% YoY.
Cumulatively, during July-Jan FY22, China maintained its position as a top importer with an import of $10bn, a recorded 47% increase as compared to last fiscal years’ July to January data. This is followed by UAE with imports of $3.9bn, up by 35% that of last years’ data. Saudi Arabian cumulative exports to Pakistan were recorded at an increase of 93%, standing at $2.30bn.