November 20, 2019 (MLN): Total Exports from Pakistan as per Balance of Payment (BOP) during the Jul-Oct FY20 amounted to $8.2 billion (provisional), as against $7.9 billion in Jul-Oct FY19. This resulted in an increase of 3.35% YoY during the period under review.
Expansion of export market is the main key to earn foreign exchange. Pakistan's exports depend on only a few markets i.e. the United States, China, UK, Germany, United Arab Emirates, Netherlands and Spain.
As per the data released by State Bank of Pakistan (SBP), among the top trading partners, the United States of America (USA) remained the top export destinations of the Pakistani products during the Jul-Oct FY20 as its share of imports in Pakistan's overall exports increased by 4.34% YoY to $1.4 billion.
On yearly basis, the exports to the USA surged by 2.87% to $308 million in Oct FY20 and on a month-on-month basis, the exports grew by 10.56% when compared to $339 million of Sept FY20.
In the second place was China as its imports stood at $586 million in during Jul-Oct FY20, down slightly by 1.52% YoY against $595 million of the same period of FY19. Exports to China were recorded at $147 million, depicting a decline of 8.3% YoY in October FY20, however, exports went up by 1.35% MoM.
This was followed by the United Kingdom, wherein Pakistan exported goods worth $580 million against the exports of $606 million last year, showing a decline of 4.29% YoY during Jul-Oct FY20. On a yearly basis, exports declined by 3.5%, valued at $154 million when compared to Oct FY19. However, there was a rise of 9% MoM in imports from the UK to Pakistan in Oct FY20.
Among other countries, the exports to UAE were recorded at $586 million against $595 million whereas the exports to the Netherlands valued at $344 million against $314 million last year, showing an increase of 9.43% YoY.
During Jul-Oct FY20, Pakistan’s exports to Germany stood at $445 million, as against $446 million during the same period of FY19, showing a marginal decline of 0.15% whereas it jumped by 8.9% to $122 million in Oct FY20 when compared to Oct FY19.
The exports to Afghanistan stood at $339 million in Jul-Oct FY20, against $388 million, down significantly by 12% YoY of the same period of FY19. On a yearly basis, it mounted by 7.9% in Oct FY20.
Whereas, the exports to Spain increased slightly by 0.2%, from $311 million to $310 million in Jul-Oct FY20 when compared to the same period of last fiscal year.
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