USA leads as top export destination for Pakistan in October

November 20, 2023 (MLN): The U.S.A. continued to remain the top export destination for Pakistan with $485.17 million worth of shipments in October, marking a rise of 2.06% YoY against the exports of $475.39 million recorded in the corresponding period of last year.

According to the data release by the State Bank of Pakistan (SBP), this was followed by China, as Pakistan exported goods worth $318.84 million to the country, compared to the exports of $177.39 million recorded during the same month of the previous year, depicting a rise of 79.74% YoY.

U.K. was the third on the list as Pakistan exported products worth $170.64 million to the country. This figure was up by 2.97% from the exports of $165.72 million in the same period last year.

Spain was the fourth in line as exports to the region during the aforementioned period were $149.58 million, depicting an increase of 19.04% YoY.

Among other countries, Pakistan's exports to the U.A.E. Dubai stood at $140.22 million, marking a rise of 18.93% YoY, while exports to Germany decreased by 18.02% YoY to $122.73 million.

Moreover, the exports to Netherlands (Holland) stood at $116.03 million, down by 10.36% YoY.

In the month of October alone, the total exports to U.S.A. increased by 9.9% MoM. Similarly, exports to China increased by 12.63% MoM.

Moreover, exports to U.K. depicted an increase of 1.77% MoM.

Meanwhile, cumulatively, in 4MFY24, the total export receipts earned by the U.S.A. were recorded at $1.86 billion as against the total export receipts worth $2.13 billion in 4MFY23.

Whereas, total exports to China in 4MFY24 stood at $952.22 million, registering an increase of 40.36%.

Cumulatively, U.K. ranked as the third-largest contributor to Pakistan's exports, accounting for exports valued at $689.45 million in 4MFY24, compared to the exports worth $685.67 million in 4MFY23.

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