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.
| Country | May FY22 | April FY23 | May FY23 | Change (MoM) | Change (YoY) | Cumulative Jul-May FY22 | Cumulative Jul-May FY23 |
|---|---|---|---|---|---|---|---|
| U. S. A. | 544,134 | 462,915 | 491,000 | 6.07% | -9.76% | 6,162,991 | 5,481,562 |
| China | 201,531 | 176,251 | 190,995 | 8.37% | -5.23% | 2,544,418 | 1,891,949 |
| U. K. | 160,046 | 149,517 | 162,538 | 8.71% | 1.56% | 2,011,859 | 1,806,385 |
| Germany | 142,821 | 102,143 | 122,393 | 19.82% | -14.30% | 1,574,850 | 1,488,461 |
| U. A. E. Dubai | 125,809 | 111,278 | 122,183 | 9.80% | -2.88% | 1,451,342 | 1,209,613 |
| Spain | 103,123 | 110,372 | 115,599 | 4.74% | 12.10% | 1,043,931 | 1,270,231 |
| Netherlands (Holland) | 123,872 | 106,244 | 113,312 | 6.65% | -8.52% | 1,341,035 | 1,324,959 |
| Italy | 108,967 | 98,494 | 101,400 | 2.95% | -6.94% | 966,186 | 1,052,847 |
| Bangladesh | 63,065 | 55,811 | 64,946 | 16.37% | 2.98% | 783,574 | 709,049 |
| Total Export as per BOP (III+IV) | 2,504,967 | 2,101,044 | 2,594,014 | 23.46% | 3.55% | 29,362,963 | 25,794,069 |
Amount in USD Thousand
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Posted on: 2023-06-20T14:40:16+05:00
