The United States remained the largest export destination for Pakistan in August 2022, followed by the United Kingdom and Germany, according to the Ministry of Commerce.

Pakistan’s exports to the US were recorded at $623.19 million in August 2022 against $508.36 million in the same month of last year, with an increase of 22.58%.

The UK remained Pakistan’s second largest market during the month under review with export volume of $178.13 million. Exports to the UK grew by 4.39% in August 2022 against the same month of last year when export volume was recorded at $170.63 million.

With export volume of $166.72 million, Germany remained the third largest market for Pakistan in August. Exports to Germany surged by 22.4% in August this year against the corresponding month of last year.

With export volume of 143.63 million, the Netherlands stands as the fourth largest market for Pakistani goods in August with a year-over-year (YoY) increase of 41%. The United Arab Emirates (UAE) remained Pakistan’s fifth largest export destination during the month under review with export volume of $135.03 million, a decline of 1.56%.

Pakistan’s exports to Spain, China, Italy, Bangladesh and Belgium were recorded at $119 million, $115 million, $91 million, $72 million and $69 million, respectively, during the period under review.

Pakistan’s exports to China dropped by 42% in August. Exports to Thailand, France, Saudi Arabia and Afghanistan grew substantially in terms of percentage in August.

According to the Pakistan Bureau of Statistics (PBS), the country’s total exports were recorded at $2.482 billion in August 2022 against $2.247 billion during the corresponding month of 2021, registering an increase of 10.46%.

Pakistan’s combined exports to the US, UK and Germany were registered at $968.04 million in August, which account for 39% of the country’s total exports.

The US, Germany and UK were Pakistan’s largest markets in July, followed by the Netherlands, China and Spain.

Pakistan’s top exported items in August include 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 Pakistan’s largest export destination during the last fiscal year 2021-22, followed by the UAE and China.

Pakistan’s exports to the US were recorded at $6.701 billion, UAE $3.169 billion and China $2.969 billion in 2021-22. According to the Pakistan Bureau of Statistics (PBS), the country’s total exports in 2021-22 were recorded at $31.792 billion as compared to $25.304 billion in 2020-21.

The US, China and UK also remained Pakistan’s top export destinations in fiscal year 2020-21 with export volume of $5.183 billion, $2.355 billion and $2.076 billion, respectively.

The UAE, Germany, the Netherlands, Afghanistan, Spain, Italy and Bangladesh were among Pakistan’s top 10 export markets during last fiscal year.

Credit : Independent News Pakistan-WealthPk