Top Export Destinations for Pakistani Goods in First Five Months of FY 2023-24
The United States (US), China, and the United Kingdom (UK) have retained their positions as the primary destinations for Pakistani exports during the initial five months of the fiscal year 2023-24.
According to data from the State Bank of Pakistan (SBP), the US maintained its status as the leading export market for Pakistani products from July to November 2023. The total exports to the US during this period amounted to US $2296.424 million, representing a decline of 11.90 percent compared to the same period in the previous fiscal year when exports were recorded at US $2606.612 million.
China emerged as the second-largest destination for Pakistani exports, with goods worth US $1223.532 million shipped during the mentioned months. This figure marked a significant increase of 39.44 percent compared to the US $877.444 million exported to China in the corresponding period of the previous fiscal year.
The UK secured its position as the third top export destination for Pakistan, receiving products valued at US $862.397 million in the period under review. This reflected a slight decrease from the US $874.066 million exported to the UK during the same timeframe in the previous fiscal year.
Among other notable destinations, Pakistani exports to the United Arab Emirates (UAE) amounted to US $817.993 million, showcasing a notable growth of 33.02 percent compared to the US $614.902 million recorded in the previous fiscal year. Similarly, exports to Germany were reported at US $612.276 million, down from US $746.055 million in the corresponding period.
The Netherlands witnessed a decrease in imports of Pakistani goods, with exports totaling $559.819 million during July-November 2023 compared to $630.973 million in the previous fiscal year. In contrast, exports to Italy saw a marginal increase, reaching US $501.985 million from US $491.734 million.
Spain recorded a rise in Pakistani exports, with figures amounting to US $638.783 million compared to US $569.936 million in the previous fiscal year. Exports to Afghanistan also experienced growth, reaching US $232.697 million, up from US $213.282 million. However, exports to Bangladesh saw a decline, totaling US $248.457 million compared to US $364.930 million in the corresponding period.
Exports to France during the months under review amounted to US $207.024 million, down from US $252.691 million, while exports to Belgium stood at US $235.611 million, a decrease from US $322.509 million.
This data, released by the SBP, highlights the evolving landscape of Pakistani exports and the changing dynamics with key global trading partners.
