April 22, 2024 (MLN): The U. S. A. remained the top export destination for Pakistan during March FY24, with $421.43 million worth of shipments, down by 12.84% YoY against the exports of $483.52m in the 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 $246.03m from the country as compared to the exports of $189.96m recorded during the same month of the previous year, depicting a rise of 29.52% YoY.
U. K. was the third on the list as Pakistan generated export revenue worth $178.52m from the country. This figure was up by 8.52% from the exports of $164.51m in the same period last year.
Germany was the fourth in line as exports to the region during the aforementioned period were $137.5m, depicting an increase of 12.44% YoY.
Among other countries, Pakistan's exports to the U. A. E. Dubai stood at $127.64m, marking a rise of 6.43% YoY, while exports to Spain decreased by 1.54% YoY to $120m.
Moreover, the export receipts received from Netherlands (Holland) stood at $118.16m, down by 3.19% YoY.
On a sequential basis, the total exports to U. S. A. dropped by 0.45% MoM. Meanwhile, exports to China increased by 45.56% MoM.
Moreover, receipts received from exports to U. K. depicted an increase of 9.18% MoM.
Meanwhile, cumulatively, in 9MFY24, U. S. A. was the top source of export receipts, worth $4.05bn as against the total exports worth $4.53bn in 9MFY23.
Whereas, total exports to China in 9MFY24 stood at $2.14bn, registering an increase of 40.46%.
Cumulatively, U. K. ranked as the third-largest contributor to the country's export earnings, accounting for exports valued at $1.53bn in 9MFY24, compared to $1.49bn in the same period last year
