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USA, China remain Pakistan’s top trading partners during Jul-Mar FY21

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April 27, 2021 (MLN): USA remained the top export destination for Pakistan with $3.56bn worth of shipments in Jul-March FY21, against the exports of $3.10bn in the same period of last year, showing an increase of 14.82% YoY.

According to the Country-wise trade data released by SBP, UK appeared as the second major destination country during the period under review wherein Pakistan exported goods worth $1.51bn against the exports of $1.28bn from July to March FY20, marking a growth of 17.66% YoY.

This was followed by China, wherein the total exports to the country during the said period increased by 8.41% YoY to $1.41bn from the exports of $1.3bn recorded in the corresponding period of the previous year.

Next in line is Germany and UAE, Pakistani exports to them locked in at $1.13bn and $832mn during 9MFY21 respectively. Exports to Germany depicted a jump of 9.3% YoY, while exports to UAE dipped by 15.62% YoY.

Among other countries, Pakistani exports to the Netherlands during 9MFY21 stood at $830mn, up by 6.92% YoY, followed by Afghanistan and Spain with $746mn and $595.26mn respectively, the data revealed.

Meanwhile, in the month of March’21 alone, Pakistan exported $48.4bn worth of goods and services to the USA which was 20.45% and 41.41% higher compared to the exports of Feb’21 and March’20 respectively. This was followed by UK and China with shipments worth $198.66mn (up 43% YoY and 14.59% MoM) and $241.85mn (up 2x YoY and 74% MoM) respectively.

On the imports side, Pakistan spends its major share of foreign exchange on the imports from China as it remained the major import partner for Pakistan with $9.07bn in Jul-March FY21, against the imports of $6.97bn in the same period of last year, showing an increase of 30.23% YoY.

As per data revealed by SBP, U.A.E is the second major source of imports for Pakistan during the period under review from where Pakistan imported goods worth $3.82bn against the imports of $3.76bn from July to March FY20, exhibiting a marginal increase of 1.56% YoY.

This was followed by Singapore, the total imports from the country during the said period increased by 26% YoY to $2.21bn from the imports of $1.75bn recorded in the corresponding period of the previous year.

In addition, Pakistan’s imports from USA, Saudi Arabia and Japan stood at $1.7bn, $1.60bn and $1.07bn during 9MFY21 respectively. Imports from Kuwait recorded at $1bn.

Among other countries, Pakistan’s imports from South Korea stood at $917mn, up by 66.05% YoY, followed by Malaysia and Switzerland with $879.47mn and $851.52mn respectively.

Meanwhile, in the month of March’21 alone, Pakistan imported $1.21bn worth of goods and services from China which was 15% and 95% higher compared to the imports of Feb’21 and March’20 respectively. This was followed by UAE and Singapore worth $46.45mn (up 39% YoY and down by 1.63% MoM) and $31.6mn (up by 40% YoY and 22% MoM) respectively.

 

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Posted on: 2021-04-28T01:12:00+05:00

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