Pakistan’s goods and services trade with the United States witnessed an increase of 29.75% during the first two months of the current fiscal year (2022-23) as compared to the corresponding period of last year.

The trade surplus during the period under review was recorded at $752.405 million against $579.855 million last year. Overall exports to the US were recorded at 1.122 billion during July-August this year against exports of $1.011 billion during the same month last year, showing an increase of 11.01%, according to the State Bank of Pakistan (SBP). On year-over-year (YoY) basis, exports to the US during August 2022 surged by 22.58% from $508.364 million to $623.196 million.

Similarly, the month-over-month (MoM) exports to the US rose by 24.71% during August 2022 as compared to exports of $499.686 million during July 2022, the SBP data shows. Pakistan’s overall exports to all countries also witnessed an increase of 11.34% during two months, from $4.574 billion to $5.092 billion.

On the other hand, imports from the US during the period under review were recorded at $370.478 million against $431.627 million last year, showing a decrease of 14.16% in July-August (2022-23).

Meanwhile, the YoY imports from the US during August 2022 increased by 2.15% from $200.461 million last year to $204.772 million this year. On MoM basis, imports from the US rose by 23.57% during August 2022 as compared to imports of $165.706 million in May 2022, the SBP data shows. Overall imports decreased by 2.11%, from $11.338 billion to $11.098 billion during the period under review.

Credit : Independent News Pakistan-WealthPk