USA stands as largest export destination for Pakistan during FY23

July 18, 2023 (MLN): USA remained the top export destination for Pakistan with $447.61m worth of shipments in June against the exports of $491m in the preceding month, registering a decrease of 8.84% MoM, the latest data released by State Bank of Pakistan showed.

However, on a yearly basis, Pakistan’s exports to the USA fell by 30.63% YoY as compared to $645.29m in June 2022.

In terms of volume, the UK appeared as the second major destination country during the month, wherein Pakistan exported goods worth $159.97m, depicting a decline of 1.58% MoM and 15.45% YoY.

This was followed by China, wherein the total exports to the country during the said period clocked in at $137.13m from the exports of $190.99m recorded in the previous month, depicting a fall of 28.19% MoM and 42.54% YoY.

Next in line are Netherlands (Holland) and UAE (Dubai) wherein Pakistan received export earnings of $121.97m and $119.15m during the month, respectively.

Exports to Netherlands (Holland) depicted an increase of 7.63% MoM, while exports to UAE (Dubai) went down by 2.48% MoM.

Among other countries, Pakistani exports to Germany during June 2023 stood at $111.69m, down by 8.75% MoM, followed by Spain and Italy with $103.57m and $98.6m respectively, the data revealed.

During the twelve months of the current fiscal year i.e. July-June FY23, the USA remained the top destination of Pakistan’s exports with $5.93 billion, depicting a fall of 14.83% when compared to the corresponding period last year.

This was followed by China and UK. The exports to China during FY23 were recorded at $2.03 billion, down by 37.16% YoY while exports to the UK, the third top export destination, decreased by 11.94% YoY to $1.97 billion from $2.20 billion in SPLY.

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