Pakistan’s exports to USA slump, China boosts trade in September

October 20, 2023 (MLN): The U.S.A. remained the top export destination for Pakistan with $441.46 million worth of shipments in September, however, it registered a fall of 17.44% YoY against the exports of $534.7m recorded in the corresponding period of last year.

According to the data released by the State Bank of Pakistan, this was followed by China, as Pakistan exported goods worth $283.08m as compared to the exports of $167.92m recorded during the same month of the previous year, depicting an increase of 68.58% YoY.

U. K. was the third on the list as Pakistan exported products worth $167.65m from the country. This figure was down by 7.7% from the exports of $181.64m in the same period last year.

U. A. E. Dubai was the fourth in line as export recipes that came from the region during the aforementioned period were $133.9m, depicting an increase of 21.56% YoY.

Among other countries, Pakistan’s exports to Spain stood at $124.73m, marking a rise of 10.26% YoY, while exports to Germany decreased by 27.26% YoY to $111.29m.

Similarly, the exports to the Netherlands (Holland) stood at $105.24m, down by 14.3% YoY.

While on a sequential basis, the total export receipts earned from U. S. A. dropped by 10.78% MoM. On the other hand, exports to China increased by significantly by 42.3% MoM.

Moreover, the U. K. imported 6.05% less goods from Pakistan in the last month.

Meanwhile, cumulatively, in the first quarter of FY24, U.S.A. maintained its position as the largest export destination for Pakistan, recording $1.37bn as against $1.66bn in 1QFY23.

Whereas, exports to China in 1QFY24 stood at $633.37m, registering an increase of 26.42%. 

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