US tops Pakistan’s exports in Dec, but down 2.6% YoY

January 17, 2024 (MLN): The United States of America retained its position as the primary export destination for Pakistan during December FY24, with $449.09 million worth of shipments, down by 2.61% YoY against the exports of $461.14m in same period last year.

According to the data released by the State Bank of Pakistan, this was followed by China, as Pakistan exported goods worth $257.97m from the country as compared to the exports of $180.64m recorded during the same month of the previous year, depicting a rise of 42.8% YoY.

U. K. was the third on the list as Pakistan generated export revenue worth $152.34m from the country. This figure was down by 2.55% from the exports of $156.33m in the same period last year.

U. A. E. Dubai was the fourth in line as exports to the region during the aforementioned period were $148.44m, depicting an increase of 48.13% YoY.

Among other countries, Pakistan's exports to the Germany stood at $118.75m, marking a drop of 12.12% YoY, while exports to Netherlands (Holland) decreased by 5.87% YoY to $109.94m.

Moreover, the export receipts received from Spain stood at $109.07m, down by 10.76% YoY.

In the month of December alone, the total exports to U. S. A. increased by 3.16% MoM. On the other hand, exports to China dropped by 4.92% MoM.

Moreover, receipts received from exports to U. K. depicted a decline of 11.9% MoM.

Cumulatively, in 1HFY24, U. S. A. was the top source of export receipts, worth $2.75bn as against the total exports worth $3.07bn in 1HFY23.

Whereas, total exports to China in 1HFY24 stood at $1.48bn, registering an increase of 40.02%.

Cumulatively, U. K. ranked as the third-largest contributor to the country's export earnings, accounting for exports valued at $1.01bn in 1HFY24, compared to $1bn in 1HFY23.

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