November 22, 2021 (MLN): Though Pakistan’s exports to the USA have declined by 4.03% MoM during the month of October 2021, the country has emerged as the top export destination for Pakistan with $531.52 million worth of shipments against the exports of $553.86mn in the preceding month, the latest data released by State Bank of Pakistan on Friday said.
However, on yearly basis, Pakistan’s exports to the USA surged by 29% YoY from $413.43mn in Oct’20.
United Kingdom (UK) appeared as the second major destination country during the month, wherein Pakistan exported goods worth $256.90mn, marking a growth of 29.20% MoM and 47% YoY.
This was followed by China, wherein the total exports to the country during the said period swelled by 54% YoY to $204.39mn from the exports of $132.85mn recorded in the same month last year. Compared to the previous month, exports to China plummeted by 7.28% MoM.
Next in line are Germany and UAE (Dubai), Pakistani exports to them pegged at $129.93mn and $110.55mn during the month, respectively. Exports to Germany depicted a marginal increase of 3% YoY, while exports to UAE went up by 25% YoY. On an MoM basis, exports to the said countries came down by 8% and 18% respectively.
Among other countries, Pakistani exports to the Netherlands (Holland) during October’21 stood at $108.65mn, up by 25% YoY, followed by Spain and Italy with $91.45mn and $75.10mn respectively, the data revealed.
During the first four months of the current fiscal year i.e. July -Oct FY22, the USA remained the top destination of Pakistan’s exports with $2.096 billion, depicting an upsurge of 44% when compared to the corresponding period last year.
This was followed by UK and China. The exports to the UK during 4MFY22 were recorded at $806.57mn, up by 34% YoY while exports to China, the third top export destination, increased by 65% YoY to $763mn from $462mn in SPLY.
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