USA leads as top export destination for Pakistan in May

June 22, 2024 (MLN): The U.S.A. remained the top export destination for Pakistan during May FY24, with $491.48 million worth of shipments, edging up against the exports of $490.95m 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 $212.39m to the country as compared to the exports of $188.89m recorded during the same month of the previous year, depicting a rise of 12.4% YoY.

U.A.E. Dubai was the third on the list as Pakistan generated export revenue worth $188.73m from the country. This figure was up by 54.7% from the exports of $122m in the same period last year.

U.K. was the fourth in line as exports to the region during the aforementioned period were $177.43m, depicting an increase of 9.2% YoY.

Among other countries, Pakistan's exports to the Germany stood at $146.02m, marking a rise of 19.3% YoY, while exports to Spain increased by 16.6% YoY to $134.43m.

Moreover, the export receipts received from Netherlands (Holland) stood at $129.16m, up by 13.9% YoY.

While on a sequential basis, the total exports to U. S. A. increased by 8.9% MoM. While exports to China increased by 6.5% MoM.

Moreover, receipts received from exports to U. A. E. Dubai depicted an increase of 47% MoM.

Meanwhile, cumulatively, in 11MFY24, U. S. A. was the top source of export receipts, worth $4.99bn as against the total exports worth $5.48bn in 11MFY23.

Whereas, total exports to China in 11MFY24 stood at $2.55bn, registering an increase of 35.2%.

Cumulatively, U. K. ranked as the third-largest contributor to the country's export earnings, accounting for exports valued at $1.86bn in 11MFY24, compared to $1.81bn in the saem period last year.

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