February 28, 2020 (MLN): In the month of January 2020, USA remained the top export destinations for Pakistani products as its share of imports in Pakistan’s overall exports accounted for 17.8% i.e. $366.2 million, up by 5% YoY and 11% MoM.
According to the country-wise data released by State Bank of Pakistan (SBP), UAE was in second place as its imports accounted for 6% of Pakistan’s exports during the month. UAE imported $157.79 million worth of goods and services from Pakistan, as compared to $105.2 million worth of goods imported in the same month of last year, depicting an increase of 50% YoY.
This was followed by UK and Germany as Pakistan shipped $141.1 million worth of exports to the UK, which was down by 2% YoY and $128.49 million worth of exports to Germany which was 6% higher when it compared with the figures of Jan 2019.
China came fourth in line as its imports from Pakistan down significantly by 24% YoY and 43% MoM to $119.9 million and its share of imports in Pakistan’s total exports decreased largely from 9.9% in December 2019 to 5.8% in January 2020. This was due to the spread of coronavirus which shattered demand in the Chinese economy.
Furthermore, Netherland, Spain and Italy also emerged as the important export destinations for Pakistani goods in the month under review as exports to these countries amounted to $94.95 million, $80.8 million and $76 million respectively.
