By Raza Khan

ISLAMABAD, August 2 (INP-WealthPK): The United States remained Pakistan’s largest export destination during fiscal year 2021-22, followed by the United Arab Emirates and China, according to the Ministry of Commerce.

Pakistan’s exports to the US were recorded at $6.701 billion in FY22, up by 29% as compared to exports in FY21, WealthPK reported. The country’s exports to the US in FY21 were recorded at $5.183 billion.  

The UAE remained the second largest market for Pakistan’s goods during the year under review with an export volume of $3.169 billion. Exports to the UAE grew by 69% in FY22 against the preceding year when export volume was recorded at $1.877 billion.  

China is at number three on the list of top markets for Pakistan in last fiscal year. Exports to China reached $2.969 billion in FY22 from $2.354 billion in the preceding year, with an addition of 26%.  

According to Pakistan Bureau of Statistics (PBS), the country’s total exports in FY22 were recorded at $31.792 billion as compared to $25.304 billion in FY21, with an increase of 25.64%.  

Pakistan’s exports to top three markets during the last fiscal year were at $12.839 billion, which accounted for 40.38% of the country’s total exports during the year under review.  

According to Trade Development Authority of Pakistan (TDAP), the US, China and the UK remained Pakistan’s top export destinations during 2020-21 with export volumes of $5.183 billion, $2.354 billion and $2.076 billion, respectively.

The UK was registered as the fourth largest export destination last year with an export volume of $2.125 billion, up 2% as compared to the preceding year.

With an export volume of $1.763 billion in 2021-22, Germany remains Pakistan’s top export market in the European Union (EU) and the fifth largest overall. Exports to Germany grew by 16% during the last fiscal year against 2020-21 when export volume was recorded at $1.514 billion.

Exports to The Netherlands, Bahrain, Spain, Afghanistan, and Italy were recorded at $1.539 billion, $1.395 billion, $1.210 billion, $1.104 billion and $1.066 billion, respectively.

Pakistan’s exports to the top 10 markets remained over $1 billion each in 2021-22, and over $2 billion each to the top four destinations. The country’s exports to the top 10 markets amounted to $23.041 billion during the last fiscal year which accounted for 72.47% of the total exports.

Most of Pakistan’s exports are concentrated in few countries. Pakistan needs to diversify its exports and has to explore markets such as Africa, Southeast Asia and Central Asian countries.

Dr Ashfaque, Dean of NUST Business School at National University of Sciences and Technology (NUST), said that Pakistan needs to find out new markets as well beside focusing on current markets.

He was of the view that Pakistan’s exports, mostly consisting of textile products, were mainly going to the US, UAE, China and a few European countries. “Almost half of the exports are going to five to six countries only,” he pointed out.

Dr Ashfaque said that exporters also need to diversify their products.

“Textile share in exports is over 55%. We need to improve other industries,” he said, adding that various regions have demand for various products.

Credits: Independent News Pakistan—Wealthpk