Raza Khan

The United States (US) remained the top destination for Pakistani export items in January 2023, followed by China and the United Kingdom, WealthPk reports. According to data, Pakistan exported goods worth $413 million to the US recorded in January 2023 against $570 million during the same month of the previous year, showing a negative growth of 27.5%.

China remained the second largest market for Pakistan during the month under review with an export volume of $191 million. Exports to China declined by 17.1% in January 2023 against $230 million in the same month of last year, according to data released by the Ministry of Commerce.

With an export volume of $170 million, the UK remained the third largest market for Pakistan in January 2023. Pakistan’s exports to the UK grew by 14.3% during January compared to the corresponding month of the previous fiscal year. With a significant increase of 37.1% in exports, the Netherlands remained the fourth-largest market for Pakistani goods in January 2023. Exports to the Netherlands increased to $151 million during January from $110 million in the same month of 2022.

With an export volume of $129 million each, Spain and Germany both stood as the fifth largest export destinations for Pakistani goods in January. Exports to Spain rose by 13.9% during the month under review while exports to Germany declined by 1.4%. United Arab Emirates (UAE), Italy, Afghanistan, France, and Saudi Arabia were also among the top 10 export destinations for Pakistani goods in January 2023. Pakistan’s exports to UAE, Italy, Afghanistan, France and Saudi Arabia were recorded at $122 million, $114 million, $80 million, $53 million and $51 million, respectively.

Pakistan’s exports to Bangladesh and Belgium were also recorded at $50 million each in January 2023. However, exports to both countries posted negative growth during the month under review. According to the Pakistan Bureau of Statistics (PBS), the country’s total exports were recorded at $2.244 billion in the seventh month of the current fiscal against $2.614 billion during the corresponding month of the previous financial year, showing a decline of 14.5%.

The decline in the country’s total exports in January 2023 also caused negative growth in exports to the top two markets. Pakistan’s textile exports also dropped by 12% during the month under review and affected exports to European countries. Pakistan’s exports to the US, China and UK were recorded at $774 million in January 2023, accounting for 34.5% of the country’s total exports during the month under review. The US, UK and China were also Pakistan’s top three export destinations during December 2023, followed by the Netherlands and Germany. Pakistan’s top exported items in January included textile products, cotton yarn, cereals, rice, chemicals, pharmaceutical products, leather garments and sports goods.

According to the Trade Development Authority of Pakistan (TDAP), the US remained the country’s largest export destination during the previous fiscal, followed by UAE and China. UK, Germany, the Netherlands, Spain, Italy and Afghanistan were among the top 10 markets for Pakistan during the last fiscal. Pakistan’s exports to the US were recorded at $6.701 billion in the financial year 2021-22, followed by UAE with $3.169 billion and China with $2.969 billion, according to the data available with WealthPK.

Credit: Independent News Pakistan-WealthPk