May 17, 2023 (MLN): USA remained the top export destination for Pakistan with $462.91 million worth of shipments in April FY23, however depicting a 25.11% YoY decline, the latest data released by the State Bank of Pakistan showed.
On a sequential basis, Pakistan’s exports to the USA fell by 4.21% MoM compared to $483.24m in April FY22.
Cumulatively Pakistan’s exports to the USA in 10MFY23 stood at $4.99 billion, marking a decline of 11.18% YoY in 10MFY23.
In terms of volume, China appeared as the second major destination country during the month, wherein Pakistan exported goods worth $176.25m, depicting a decline of 7.22% MoM and 18.43% YoY.
This was followed by the United Kingdom (UK), wherein the total exports to the country during the said period clocked in at $149.53m as compared to the exports of $164.49m recorded in the previous month. Compared to the same period last year, exports to the UK plummeted by 17% YoY.
Next in line are UAE Dubai and Netherlands (Holland) wherein Pakistan received export earnings of $111.27m and $122.05m during the month, respectively. Exports to UAE depicted a decrease of 7.18% MoM, while exports to the Netherlands went down by 12.95% MoM.
Among other countries, Pakistani exports for the month of April FY23 to Spain and Bangladesh stood at $110.37m and $55.81m respectively, the data revealed.
On a cumulative basis, exports to China during 10MFY23 were recorded at $1.7bn, down by 27.4% YoY while exports to the UK, the third top export destination, fell by 11.23% YoY to $1.64bn from $1.85bn in SPLY.
