Raza Khan

China remained the largest export destination for Pakistan in February 2023, followed by the United States and the United Kingdom, WealthPK reported. Pakistan’s exports to China grew by 28% in February 2023 to $365.5 million from $248.8 million in the same month of 2022, according to the Ministry of Commerce.

The US remained Pakistan’s second largest market during the month under review with an export volume of $345.9 million. Pakistan’s exports to the US declined by 27% in February against $473.9 million recorded in the same month of last year. The US had been Pakistan’s largest export destination during the last several months, eventually taken over by China during February.

With an export volume of $152.1 million, the UK remained the third largest market for Pakistan in February 2023. Pakistan’s exports to UK dropped by 24% during the month under review against the corresponding period of last fiscal year. The United Arab Emirates (UAE) stood as Pakistan’s fourth largest market during the month under review. Pakistan’s exports to the UAE were recorded at $127.5 million in February against $164.1 million in the corresponding month of 2022.

With an export volume of $117 million, Germany stood as the fifth largest export destination for Pakistani goods in February. Pakistan’s exports to Germany declined by 35% during the month under review.   Spain, the Netherlands, Italy, Afghanistan, and Belgium were also among the top 10 export markets for Pakistan during the month under review.

Pakistan’s exports to Spain, the Netherlands, Italy, Afghanistan, and Belgium were recorded at $115.9 million, $113.1 million, $98.7 million, $70.9 million and 55.1 million, respectively. Pakistan’s exports to nine markets out of the top 10 posted negative growth in February. The country’s exports only to China remained on positive side during the month under review.

According to Pakistan Bureau of Statistics (PBS), the country’s total exports were recorded at $2.191 billion in February 2023 against $2.834 billion during the corresponding month of 2022, registering a decline of 22.69%. The decline in the country’s total exports in February also caused negative growth in exports to several top markets apart from China. Pakistan’s textile exports also dropped by 29% during the month under review, which hurt exports to European countries.

Pakistan’s combined exports to China, the US and UK were $863.5 million in February, accounting for 39.41% of the country’s total exports during the month. The US, UK and China were Pakistan’s top three export destinations during January 2023, followed by the Netherlands, Spain and Germany.

Pakistan’s top exported items in February include textile products, cotton yarn, cereals, rice, chemicals, pharmaceutical products, leather made garments and sports goods. According to Trade Development Authority of Pakistan (TDAP), the US remained Pakistan’s largest export destination during the fiscal year 2021-22, followed by the UAE and China.

The UK, Germany, the Netherlands, Spain, Italy and Afghanistan were among the top 10 markets for Pakistan during the last fiscal year. Pakistan registered $6.701 billion exports to the US, $3.169 billion to the UAE and $2.969 billion to China during the fiscal year 2021-22.

Credit: Independent News Pakistan-WealthPk