USA remains largest export destination for Pakistan during May

June 20, 2022 (MLN): USA remained the top export destination for Pakistan with $491 million worth of shipments against the exports of $462.92m in the preceding month, registering an increase of 6.07% MoM, the latest data released by State Bank of Pakistan showed.

However, on a yearly basis, Pakistan’s exports to the USA fell by 9.76% YoY as compared to $544.13m in May 2022.

USA export receipts

In terms of volume, China appeared as the second major destination country during the month, wherein Pakistan exported goods worth $190.99m, depicting a rise of 8.37% MoM and a decline of 5.23% YoY.

China export receipts

This was followed by the United Kingdom (UK), wherein the total exports to the country during the said period clocked in at 162.54m from the exports of $149.52m recorded in the previous month, depicting a rise of 8.71% MoM and 1.56% YoY.

Next in line are Germany and UAE (Dubai) wherein Pakistan received export earnings of $122.4m and $122.18m during the month, respectively. Exports to Germany depicted a decrease of 19.82% MoM, while exports to the UAE (Dubai) went up by 9.8% MoM.

Among other countries, Pakistani exports to Spain during May 2023 stood at $115.6m, by 4.74% MoM, followed by Netherlands (Holland) and Italy with $113.31m and $101.4m respectively, the data revealed.

During the eleven months of the current fiscal year i.e. July-May FY23, the USA remained the top destination of Pakistan’s exports with $5.48bn, depicting a fall of 11.06% when compared to the corresponding period last year.

This was followed by China and UK. The exports to China during 11MFY23 were recorded at $1.89bn, down by 25.64% YoY while exports to the UK, the third top export destination, decreased by 10.21% YoY to $1.81bn from $2.01bn in SPLY.

Amount in USD Thousand

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