US tops Pakistan export markets with $4.3 billion in 10 months

KARACHI: The United States remained the top export market for Pakistani goods in the current financial year, with exports totaling $4.3 billion in the first 10 months, official data showed.

China followed with imports of $2.2 billion, while the United Kingdom fell to third place with imports of $1.6 billion from Pakistan during the July-April period.During the period under review, the United Arab Emirates, the Netherlands, Germany, and Spain were the other leading export markets for Pakistani goods, as exports to all these four countries exceeded the $1 billion mark.

Italy, Saudi Arabia, Afghanistan, Bangladesh, Malaysia, and Belgium each imported over $500 million in goods from Pakistan.The exports from the country witnessed an increase of 9.10 percent during the first ten months of the current fiscal year (2023-24), compared to the corresponding period of last year. The exports during July-April (2023-24) were recorded at $25.280 billion, against the exports of $23.171 billion.

The exports of rose year-on-year by 10.02 percent in April after a slowdown in growth in the previous month. Export proceeds incre­ased by double-digits since December before slowing in March.

However, the exports shrank 9 percent month-on-month. In absolute terms, exports reached $2.35 billion in April from $2.14 billion in the corresponding month last year.The IMF anticipates Pakistan’s exports will gradually increase from $30.84 billion in FY24 to $32.35 billion in FY25, $34.68 billion in FY26, $37.25 billion in FY27 and $39.46 billion in FY28.

The textile exports totalled $13.68 billion in the first 10 months of the current fiscal year and remained the top export commodity from Pakistan.The country exported $6.5 billion in agriculture and food products in the months under review and also exported almost $2 billion in other manufacturing products to these markets.

In terms of regional markets, Asia topped the list as the country exported over $9 billion worth of exports to countries in Asia in the first ten months of this fiscal year, whereas the European market came in second, importing $8.5 billion in Pakistani goods.

The American market imported over five billion dollars in Pakistani goods, and the African market imported around two billion dollars in Pakistani goods. The Oceania market imported $272 million in Pakistani goods in the first ten months of this fiscal year.