Pakistan’s goods and services trade with the United States witnessed a surplus of 23.31% during the first quarter of the current fiscal year (2022-23) compared to the corresponding period of last year.

Trade surplus during the period under review was recorded at $1.079 billion against $875.469 million last year, showing 23.31% growth, data from the State Bank of Pakistan (SBP) shows. Overall exports to the US were recorded at $1.657 billion during July-September 2022 against the exports of $1.565 billion during the same quarter of 2021, showing an increase of 5.87%.

On year-on-year (YoY) basis, exports to the US during September decreased by 3.49% from $553.839 million to $534.477 million. Similarly, month-on-month (MoM) exports to the US also dipped by 14.23% during September 2022 as compared to exports of $623.196 million in August 2022, the SBP data shows.

Overall, Pakistan’s exports to all countries witnessed an increase of 5.45% in three months, from $7.201 billion to $7.594 billion. On the other hand, imports from the US during the quarter under review were recorded at $577.770 million against $689.762 million last year, showing a decrease of 16.23% in July-September (2022-23).

According to the SBP data, YoY imports from the US during September 2022 also dipped by 21.40% from $258.135 million last year to $202.886 million. On MoM basis, imports from the US decreased by 3% during September 2022 compared to the imports of $209.178 million in August 2022. Overall imports decreased by 7.91%, from $17.394 billion to $16.018 billion during the period under review.

Credit : Independent News Pakistan-WealthPk