Islamabad
During the first eight months of the current financial year 2023-24, the US retained its position as the top export destination for Pakistani products, with China and the UK following closely behind.
According to data from the State Bank of Pakistan (SBP), total exports to the US during July-February 2023-24 amounted to $3,626.141 million, reflecting a 10.38 per cent decline compared $4,046.337 million to the same period in the previous financial year.
Meanwhile, exports to China saw a significant increase, with goods worth US $1,895.720 million exported during the same period, marking a notable rise of 42.02 percent compared $1,334,804 million to the previous year.
The UK emerged as the third top export destination, with Pakistan exporting products worth $1,351.008 million, slightly higher compared to the previous year’s exports of US $1,329.990 million.
Among other notable destinations, Pakistani exports to the UAE reached $1,337.487 million, showing a substantial increase of 41.49 percent compared to the previous year’s exports of US $945.280 million. Exports to Germany were recorded at $983.798 million, a slight decrease from the previous year’s figure of US $1,141.819 million, according to SBP data.
Similarly, exports to Holland and Italy experienced slight declines, standing at $907.791 million and $733.792 million, respectively. On the other hand, exports to Spain increased to $966.955 million, while exports to Afghanistan declined to $319.887 million.
Exports to Bangladesh also saw a decrease, amounting to $421.939 million, compared to $525.017 million in the previous year. Additionally, exports to France declined to $336.790 million against $393.592 million, and exports to Belgium decreased to $363.911 million against $469.830 million.
Finally, exports to Saudi Arabia increased to $442.822 million against $300.613 million last year, while exports to Turkey amounted to $233.112 million during the current financial year against $207.245 million, showcasing varying trends across different markets.