June 27, 2020 (MLN): The U.S.A remained the top export destination for Pakistan, with $237 million worth of shipments in the month of May, despite a decline of 6% MoM and 33% YoY in exports growth. This contraction in export earnings shows the impact of coronavirus outbreak on demand.
According to the export data released by SBP, USA emerged as a top export market during July-May FY20 with exports reaching $3.588 billion against the exports of $3.727 billion in the same period last year, showing a decrease of 4% YoY, followed by China with $1.535 billion and the UK with $1.491 billion.
In the month of May’20, the other countries which contributed a large proportion to Pakistan Export earnings are China, UK, UAE (Dubai), Germany and Netherlands.
China appeared as the second major destination country in May’20 wherein Pakistan exported goods worth $124 million against the exports of $112 million of April’20, showing a decline of 11% MoM. While on a yearly basis, Pakistani exports to China decreased by 42%.
This was followed by the United Kingdom, wherein Pakistan exported goods worth $105 million, showing a marginal decline of 1% MoM and 34% YoY.
Next in line is UAE (Dubai), Pakistani exports to the UAE pegged at $79 million i.e. 27% MoM and 37% YoY lower than exports of $107 million and $124 billion in April’20 and May’19 respectively.
Among other countries, Pakistani exports to Germany stood at $76 million, depicting a moderate drop of 4% MoM and a significant decline of 40% YoY, followed by the Netherlands with $73 million while the exports to Afghanistan were recorded at $17 million, the data revealed.
Copyright Mettis Link News
35472
