By Jawad Ahmed ISLAMABAD, May 11 (INP-WealthPK): The United States, the People’s Republic of China and the United Kingdom remained Pakistan’s top export destinations during the first three quarters of the fiscal year 2021-22, reports WealthPK. According to data published by the central bank, the US remained Pakistan’s leading export destination for July-March FY22 with exports of $5 billion compared to $3.565 billion in the same months of the previous fiscal year.  Exports to the US witnessed an increase of 40% on a year-on-year (YoY) basis during July-March FY21-22. Exports in March 2022 increased 7.7% month-on-month (MoM) to $590 million from $548 million in February 2022. [caption id="attachment_66951" align="aligncenter" width="696"] Source: State Bank of Pakistan/WealthPK research[/caption] China is the second-largest export destination; total exports to China were recorded at $2.127 billion during three-quarters of FY21-22 compared to $1.406 billion in the same period of FY20-21, showing a 51.3% increase. Exports in March witnessed an increase of 13.35% on a MoM basis, up from $251.96 million in February 2022, to $285.61 million in March 2022, according to the SBP statistics. [caption id="attachment_66950" align="aligncenter" width="696"] Source: State Bank of Pakistan/WealthPK research[/caption] The United Kingdom remained the third biggest export market to Pakistan. Exports to the UK increased by 10.81% to $1.671 billion from $1.508 billion during the corresponding months of the previous fiscal year. Pakistan earned $198.29 million in March from the UK against the exports of $162.94 million in the previous month of the fiscal year 21-22, showing a growth of 21.7% on a MOM basis, the SBP data revealed. [caption id="attachment_66949" align="aligncenter" width="696"] Source: State Bank of Pakistan/ WealthPK Research[/caption] On the other hand, top imports of Pakistan are refined petroleum, petroleum gas, palm oil, crude petroleum, and raw cotton, mostly from China, United Arab Emirates, US, Singapore, Indonesia, and Saudi Arabia. According to the SBP, China, the UAE and Singapore were among the top import destinations for Pakistan during July-March 2021-22. Imports from China increased 43.22%, reaching $12.99 billion during three quarters of the fiscal year 2021-22 as against $9.07 billion in the same period of the previous fiscal year. Furthermore, imports payment to China increased 32.22% on a MoM basis to $1.703 billion in March 2022 as against $1.288 billion in January 2022. During the July-March period of FY22, imports from the UAE were $6.17 billion as against $4.96 billion, showing a growth of 24.4% in the corresponding period of FY21. On a MoM basis, imports reached $567.1 million in March 2022 as against $474.9 million in the previous month. Saudi Arabia was the third top import destination. The country received goods worth $2.95 billion during the months under review as against $1.60 billion, showing a growth of 84.4% during three quarters of the current fiscal year. The country’s commodity exports were recorded at $23.69 billion in the first nine months of the current fiscal year compared to $18.71 billion in the corresponding period of FY21, with a growth of 26.6%. On the other hand, imports of goods surged to $53.79 billion from $38.06 billion during July-March 2022 compared to the same period of FY21. The overall balance of trade stood at $30.1 billion, dropping by 56%, in the first three-quarters of FY21-22.