November 21, 2022 (MLN): Though Pakistan’s exports to the USA have witnessed an 11.07% MoM decline during the month of October 2022, the country has emerged as the top export destination for Pakistan with $475 million worth of shipments against the exports of $534mn in the preceding month, the latest data released by State Bank of Pakistan on Monday said.

However, on yearly basis, Pakistan’s exports to the USA plunged by 10.50% YoY from $531mn in October’21.

In terms of volume, China appeared as the second major destination country during the month, wherein Pakistan exported goods worth $177mn, an increase of 5.64% MoM while it decreased by 13.21% YoY. 

This was followed by the United Kingdom (UK), wherein the total exports to the country during the said period clocked in at $165.7mn from the exports of $181.6mn recorded in the previous month. Compared to the same period last year, exports to the UK plummeted by 15.44% YoY.

Next in line are Germany and United Arab Emirates (UAE) wherein Pakistan received export earnings of $149.7mn and $129.1mn during the month, respectively. Exports to Germany depicted a decrease of 2.15% MoM. On the other hand, exports to the UAE moved up by 3.29% MoM.

Among other countries, Pakistani exports to the Netherlands (Holland) during October 2022 stood at $127.5mn, increased by 6.04% MoM, followed by Spain and Italy with $125.7mn and $92.8mn respectively, the data revealed.

During the first four months of the fiscal year i.e.  July-Oct FY23, the USA remained the top destination of Pakistan’s exports with $2.13billion, depicting an upsurge of 1.73% when compared to the corresponding period last year.

This was followed by China and UK. The exports to China during 4MFY23 were recorded at $678.4mn, decreased by 11.16% YoY while exports to the UK, the third top export destination, decreased by 8.06% YoY to $685.5mn from $745.8mn in SPLY.

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Posted on: 2022-11-21T14:27:32+05:00