May 28, 2020 (MLN): Total exports of Pakistani goods as per Balance of Payment (BoP) fell by 23.5% MoM and 33.2% YoY to $1.39 billion in April’20, showing the international trade disruptions due to the ongoing pandemic.
As per the export data released by SBP, the decline in exports shows that the world economy has been facing an economic threat to the pace of development.
In the month of April, the countries which contributed a large proportion to Pakistan Export earnings are the USA, China, UAE (Dubai), UK, Germany, and the Netherlands.
Despite a decline of 26% MoM and 27% YoY in export growth, the USA remained the top destination for Pakistan in April’20. The total exports to the USA during the said period fell to $254 million from $342 million of March’20 on an account of lower demand amid a higher percentage of COVID-19 fatalities.
China appeared as the second major country in April’20 wherein Pakistan exported goods worth $112 million against the exports of $118 million of March’20, showing a moderate decline of 5.45% MoM. While on a yearly basis, Pakistani exports to China decreased by 36%.
Next in line is UAE (Dubai), Pakistani exports to the UAE pegged at $107 million i.e. 8.34% MoM and 8.05% YoY lower than exports of $117 million and $116 billion in March’20 and April’19 respectively.
This was followed by the United Kingdom, wherein Pakistan exported goods worth $105 million, showing a decline of 23.3% MoM and 26% YoY.
Among other countries, Pakistani exports to Germany stood at $80 million, depicting a significant drop of 36% MoM and 28.4% YoY, followed by the Netherlands with $73 million while the exports to Afghanistan were recorded at $19 million, the data revealed.
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