Islamabad : During the first eleven months of the financial year 2023-24, the United States retained its position as the primary destination for Pakistani exports, despite a 9.02% decline in export value compared to the previous year. According to data from the State Bank of Pakistan (SBP), exports to the US totaled US $4,989.140 million, down from US $5,484.257 million in the same period of 2022-23.
China emerged as the second-largest export market for Pakistan, with a significant increase in exports valued at US $2,553.481 million, marking a notable rise of 35.16% from US $1,889.195 million last year. The United Arab Emirates (UAE) followed closely as the third top destination, where Pakistani exports reached US $1,880.820 million, up from US $1,341.804 million, showcasing robust growth.
Among other key markets, exports to the United Kingdom (UK) saw a slight increase to US $1,861.083 million compared to US $1,808.288 million in the previous year. Conversely, exports to Germany experienced a decline to US $1,381.369 million from US $1,488.714 million. Holland and Italy also saw decreases in export values, with Holland recording exports of US $1,273.035 million and Italy at US $1,032.475 million.
Exports to Spain rose to US $1,333.875 million from US $1,271.414 million, while exports to Afghanistan increased marginally to US $507.935 million. However, exports to Bangladesh saw a decline to US $605.744 million from US $709.050 million. France and Belgium also experienced decreases in export values, with France at US $464.060 million and Belgium at US $505.812 million.
Saudi Arabia emerged as another significant market with exports reaching US $661.271 million, up from US $457.551 million, while exports to Turkey rose slightly to US $311.011 million compared to US $296.618 million in the previous year.
Overall, while some markets showed growth, others experienced declines, reflecting both global economic trends and specific bilateral trade dynamics influencing Pakistan’s export performance during this period. (Report APP)
