USA leads as top export destination for Pakistan in January

February 19, 2024 (MLN): The U. S. A. remained the top export destination for Pakistan during January FY24, with $455.94 million worth of shipments, down by 9.14% YoY against the exports of $501.79m in the same month last year.

According to the data released by the State Bank of Pakistan, this was followed by China, as Pakistan exported goods worth $245.17m from the country as compared to the exports of $136.55m recorded during the same month of the previous year, depicting a rise of 79.54% YoY.

U. K. was the third on the list as Pakistan generated export revenue worth $172.29m from the country. This figure was up by 7.34% from the exports of $160.5m 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 67.43% YoY.

Among other countries, Pakistan's exports to the Germany stood at $123.13m, marking a drop of 4.77% YoY, while exports to Netherlands (Holland) decreased by 2.52% YoY to $112.22m.

Moreover, the export receipts received from Spain stood at $108.57m, down by 8.22% YoY.

On a monthly basis, the total exports to U. S. A. increased by 1.53% MoM. On the other hand, exports to China dropped by 4.97% MoM.

Moreover, receipts received from exports to U. K. depicted an increase of 13.1% MoM.

Meanwhile, cumulatively, in seven months of fiscal year 2024, U. S. A. was the top source of export receipts, worth $3.2bn as against the total exports worth $3.57bn in 7MFY23.

Whereas, total exports to China in 7MFY24 stood at $1.73bn, registering an increase of 44.54%.

Cumulatively, U. K. ranked as the third-largest contributor to the country's export earnings, accounting for exports valued at $1.19bn in 7MFY24, compared to $1.16bn in same period last year

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