Pak-Germany trade sees over 70% surplus in first half of FY23

February 07, 2023

Pakistan’s goods and services trade with Germany witnessed a trade surplus of $404.357 million during the first half (July-Dec) of the current Fiscal Year 22-23 as against $237.281 million during the corresponding period last year, showing a growth of 70.41 percent, reports WealthPK. The overall exports to Germany were recorded at US$881.045 million during the July-December period as against exports of US$864.241 million during the corresponding period of Fiscal Year 2021-22, showing a growth of 1.94 percent, as per the SBP data.

On year-to-year basis, the exports, however, decreased by 21.87 percent from US$172.980 million in December 2021 as against the exports of US$135.137 million in December 2022. Meanwhile, on a month-on-month basis, the exports dipped by 3 percent during December 2022 as compared to the exports of US$139.461 million in November 2022, the data reveals.

Overall, Pakistan’s exports to other countries witnessed a decrease of 6.76 percent in the first six months from US$15.242 billion to US$14.211 billion, the SBP data revealed. On the other hand, the imports from Germany during the period under review were recorded at US$476.688 million as against US$626.960 million last year, showing a decline of 23.96 percent in July- December (2022-23).

On a year-on-year basis, the import for Germany also witnessed a decrease of 34.34 percent from US$116.841 million in December 2021 as against the imports of US$76.710 million in December 2022. On a month-on-month basis, the imports from Germany, however, increased by 4.63 percent during December 2022 compared to the imports of US$73.310 million during November 2022, according to the data. The overall imports witnessed a decrease of 18.24 percent from US$36.094 billion to US$29.509 billion.

Credit: Independent News Pakistan-WealthPk