Exports to top markets largely remain flat in FY24

KARACHI: Pakistan’s top three export markets did not see any significant growth in importing goods from Pakistan in the financial year ended on June 30, 2024.

Exports to the US largely remain, while those to China registered a slight decline. Exports to the UK posted marginal growth during the fiscal under review, according to the country-wise export data released by the Trade Development Authority of Pakistan (TDAP).

The US remained the top export market for Pakistani goods in the financial year ended on June 30, 2024, with exports totalling $5.286 billion compared to $5.239 billion last year, showing a slight growth of 0.9 per cent.

China followed with imports of $2.559 billion, compared to $2.614 billion, recording a negative growth of 2.1 per cent.While the United Kingdom fell to third place with imports of $2.015 billion from Pakistan during the fiscal against $1.943 billion, showing a growth of 3.7 per cent.

During the financial year under review, the United Arab Emirates, the Netherlands, Germany, Italy, Afghanistan and Spain were the other leading export markets for Pakistani goods, as exports to all these countries exceeded the $1 billion mark.

Saudi Arabia, Bangladesh, Malaysia, Indonesia and Belgium each imported over $500 million in goods from Pakistan. The exports from the country witnessed an increase of 10.54 per cent during the fiscal year (2023-24), compared to the previous financial year. The exports 2023-24 were recorded at $30.645 billion, against the exports of $27.724 billion.

In the month of June, exports were $2.529 billion against $2.356 billion, surging by 7.34 per cent The IMF anticipates Pakistan’s exports will gradually increase to $32.35 billion in FY25; $34.68 billion in FY26; $37.25 billion in FY27; and $39.46 billion in FY28. Textile exports totalled $17.63 billion in the fiscal year under review and remained the top export commodity from Pakistan. The country exported $8.02 billion in agriculture and food products in the financial year under review and also exported almost $2.37 billion in other manufacturing products to these markets.

In terms of regional markets, Asia topped the list as the country exported over $11 billion worth of exports to countries in Asia in the fiscal year under review whereas the European market came in second, importing $10.5 billion in Pakistani goods.

The American market (North and South America) imported over $6.2 billion in Pakistani goods, and the African market imported $2.28 billion dollars in Pakistani goods. The Oceania market imported $327 million in Pakistani goods in the fiscal year ended on June 30, 2024.