USA remains largest export destination for Pakistan during January

February 25, 2022 (MLN): Though Pakistan’s exports to the USA have witnessed a 16% MoM decline during the month of January 2022, the country has emerged as the top export destination for Pakistan with $539 million worth of shipments against the exports of $641mn in the preceding month, the latest data released by State Bank of Pakistan on Thursday said.

However, on yearly basis, Pakistan’s exports to the USA surged by 35% YoY from $641mn in Dec’20.

In terms of volume, China appeared as the second major destination country during the month, wherein Pakistan exported goods worth $256mn, depicting a decline of 19% MoM while up by 35% YoY.  

This was followed by the United Kingdom (UK), wherein the total exports to the country during the said period clocked in at $163.5mn from the exports of $201.8mn recorded in the previous month. Compared to the same period last year, exports to the UK plummeted by 9% YoY.

Next in line are Germany and Netherlands (Holland) wherein Pakistan received export earnings of $128mn and $117mn during the month, respectively. Exports to Germany depicted a decrease of 26% MoM, while exports to the Netherlands went down by 8% MoM.

Among other countries, Pakistani exports to the UAE (Dubai) during January 2022 stood at $107mn, down by 30% MoM, followed by Spain and Bangladesh with $98mn and $84mn respectively, the data revealed.

During the first seven months of the current fiscal year i.e.  July-Jan FY22, the USA remained the top destination of Pakistan’s exports with $2.68billion, depicting an upsurge of 44% when compared to the corresponding period last year.

This was followed by China and UK. The exports to China during 7MFY22 were recorded at $1.59bn, up by 55% YoY while exports to the UK, the third top export destination, increased by 15% YoY to $1.31bn from $1.14bn in SPLY.

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