INP-WealthPk

Exports to Us, China, UK Increase In Eight Months

April 11, 2022

By Jawad Ahmed ISLAMABAD, April 11 (INP-WealthPK): China, the United States and the United Kingdom remained Pakistan's top export partners during the first eight months of the current Fiscal Year 2021-22, reports WealthPK. According to the State Bank of Pakistan’s (SBP) estimates, the United States remained Pakistan's leading export destination for July-February FY21-22 with exports of $4.411 billion compared to $3.079 billion in the corresponding period of the previous Fiscal Year 2020-21, indicating a 43.3% increase in exports. Exports in February 2022 increased 1.65% Month-on-Month (MoM) to $548 million from $539 million in January 2022. China is the second biggest export destination; overall exports to China were $1.841 billion from July to February 2021-22 compared to $1.166 billion in the same months of FY20-21, showing a 57.9% increase. Exports fell 1.73% MoM to $251.957 million in February 2022, according to the SBP statistics, compared to $256.388 million in January 2022. The United Kingdom recorded as the third biggest export market to Pakistan. The country sent products worth $1.473 billion during the first eight months of ongoing FY21-22 as against $1.309 billion in the corresponding period of the previous year, showing a growth of 12.53%. Exports to the UK decreased by 0.54% month on month, hitting $162.927 million in February 2022 compared to $163.819 million in the previous month of the same fiscal year 21-22, SBP data revealed. On the other hand, the top imports of Pakistan are refined petroleum, petroleum gas, palm oil, crude petroleum, and raw cotton, mostly from China, the United Arab Emirates, the United States, Singapore, Indonesia, and Saudi Arabia. According to the SBP, China, the UAE and Singapore were among top import destinations for Pakistan during July through February 2021-22. Imports from China increased 43.51%, reaching $11.284 billion during July-February 2021-22 as against $7.863 billion in the same months of previous fiscal year. Meanwhile, on a MoM basis, imports from China fell by 10.68% to $1.288 billion during February 2022 as against $1.442 billion in January 2022, the SBP data revealed. During July-February period of FY21-22, imports from the UAE were $5.559 billion as against $4.331 billion, showing a growth of 28.35% in the corresponding period of FY20-21. On MoM basis, imports reached $474.901 million in February 2022 as against $472.803 million in the previous month. Singapore was the third top import destination. The country receives goods worth $2.296 billion during the months under review as against $1.892 billion, showing a growth of 21.35%. It's worth noting that Pakistan’s overall exports to all countries witnessed an increase of 28.1% during July-February 2021. Exports of $20.617 billion are recorded in the first eight months of the current fiscal year 2021-22, compared to $16.093 billion in July-February 2020-21. On the other hand, imports surged to $47.902 billion from $32.123 billion during July-February 2022 compared to the same period of FY21.