Pakistan exports $570 million worth of goods to US in January

KARACHI: Pakistan’s exports to the US touched $570 million in January, making Washington its top trading partner, latest official data showed.

The exports of Pakistani products to various countries showed that the USA remained the top buyer of Pakistani goods, where $570 million worth of goods were exported in January of this financial year, compared to $ 456 million, posting a growth of 25 percent.

China remained the second top market in terms of consumption of Pakistani goods, where $ 230 million goods were exported against $ 189 million in January last year, showing growth of 21 percent.

Exports to Italy posted massive growth of 93 percent whereas exports to Spain grew by 44 percent. Exports to the United Arab Emirates (UAE), Bangladesh, Malaysia, Sri Lanka, Turkey grew 24 percent, 60pc, 124pc, 74pc, and 89 percent respectively.

Pakistan’s exports fell to United Kingdom (5pc), Saudi Arabia (4pc), Afghanistan (66pc), Russian Federation (23pc), and Sweden by 28 percent respectively.

Overall exports rose significantly in the first seven months of the current financial surging to $17.67 billion, compared with $14.25 billion in the corresponding months of the last fiscal, registering a growth of 24 percent, Razzak Dawood, PM advisor on trade said on Friday.

Through his official twitter handle, the advisor said exports in the month of January, 2022 surged to $2.546 billion from $2.145 billion in the same month of the last fiscal year, posting an increase of 18.7 percent.

Dawood said a declining trend was noticed in the monthly imports as compared to imports in December 2021, which stood at $ 7.580 billion.

“The imports in January 2022 have declined by -22 percent to $5.908 billion. These were $4.803 billion in Jan 2021,” the advisor tweeted.

The export of various goods, especially textile goods recorded significant growth in the month of January this fiscal compared to the same month of last fiscal.

Men’s garments posted 19 percent in terms of value to surge to $423 million in the month under review, compared to $357 million.

Home textile registered 15 percent increase to go up to $393 million against $342 million. Rice exports posted 13 percent growth to move up to $219 million against $194 million and cotton fabric grew 43 percent to surge to $216 million as compared to $151 million.

Furthermore, export of women garments grew 23 percent to $73 million against $59 million and jerseys, pullovers, and cardigans posted 43 percent growth to $66 million against $46 million. Meanwhile, t-shirts and plastics exports also grew 21 percent and 47 percent respectively.

In month of January of this fiscal, exports of cotton yarn, surgical items, worn clothing, cement, and pharmaceutical products witnessed a decline.