- Ashburn, United States
- Mar, 24th, 23
Pakistan’s exports to the top three markets declined during the first half (July-December) of the current fiscal year 2022-23, WealthPK reported. Exports to the United States of America, China and the United Kingdom declined by 11.38%, 29.24% and 11.52%, respectively, during the period under review. According to provisional data released by the Ministry of Commerce, Pakistan’s exports to the US were recorded at $3.004 billion during July-December FY23 against $3.409 billion during the same months of last fiscal year, with a negative growth of 11.38%.
China remained Pakistan’s second-largest market during the period under review with an export volume of $1.074 billion. Exports to China declined by 29.24% during July-December against the same period of the previous year when export volume was recorded at $1.518 billion. With export volume of $984 million, UK remained the third-largest market for Pakistan during the first half of 2022-23. Exports to UK dropped by 11.52% during the months under review against the corresponding period of the previous year.
With export volume of $859 million, Germany stands as the fourth-largest export destination for Pakistan during the period under review. Exports to Germany rose by 2.87% during July-December FY23 compared to the same period of last fiscal year. Germany also remained Pakistan’s largest export destination among the European Union (EU) countries. The Netherlands remained Pakistan’s fifth-largest market during July-December FY23 with export volume of $774 million, registering a growth of 7.35%.
United Arab Emirates (UAE), Spain and Italy are also among the top 10 export markets for Pakistan during the months under review. Pakistan’s exports to UAE, Spain and Italy were recorded at $773 million, $662 million, and $569 million, respectively, during the said months of 2022-23. According to the Pakistan Bureau of Statistics (PBS), the country’s total exports were recorded at $14.249 billion during the first half of the current fiscal year against $15.125 billion during the corresponding months of 2021-22, with a decline of 5.79%.
Decline in the country’s total exports during the period under review also caused negative growth in exports to the top three markets. Pakistan’s textile exports also dropped by 7% during the months under review which hurt the exports to US and European countries. Pakistan’s combined exports to US, China and UK were registered at $5.062 million during July-December, which accounted for 35.52% of the country’s total exports during the first half of the financial year.
According to ministry of commerce, US, China and UK also remained the top exports markets for Pakistan during December 2022 followed by UAE and Netherlands. Pakistan’s top exported items during July-December include textile products, cotton yarn, cereals, rice, chemicals, pharmaceutical products, leather made garments and sports goods.
According to Trade Development Authority of Pakistan (TDAP), US remained Pakistan’s largest export destination during the last fiscal year 2021-22, followed by UAE and China. UK, Germany, the Netherlands, Spain, Italy and Afghanistan were among the top ten markets for Pakistan during the last fiscal year. Pakistan’s exports to the US were recorded at $6.701 billion in 2021-22, $3.169 billion to UAE and $2.969 billion to China.
Credit : Independent News Pakistan-WealthPk