Raza Khan

The United States remained the largest export destination for Pakistan in November 2022, followed by China and the United Kingdom, according to the Ministry of Commerce. Pakistan’s exports to the US were recorded at $442 million in November 2022 against $634 million during the same month of last year, with a negative growth of 30%. China remained Pakistan’s second-largest market during the month under review, with an export volume of $198 million. Exports to China declined by 44% in November against the same month of last year when the export volume was recorded at $353 million.

With an export volume of $168 million, the UK remained the third largest market for Pakistan in November. Exports to the UK dropped by 9% during the month under review against the corresponding period of last year. With an export volume of $144 million, Germany remained the fourth largest export destination for Pakistani goods during the month under review. Exports to Germany declined by 13% in November 2022 against the same period of last year.

The Netherlands remained Pakistan’s fifth largest export destination in November, with an export volume of $134 million, registering a negative growth of 4%. The United Arab Emirates (UAE), Spain, Italy, Afghanistan, and Saudi Arabia also remained among the top 10 export markets for Pakistan during the month under review. Pakistan’s exports to the UAE, Spain, Italy, Afghanistan and Saudi Arabia were recorded at $118 million, $115 million, $92 million, $82 million and 48 million, respectively.

Exports to Kenya, the Philippines and Vietnam increased by 69%, 59% and 39%, respectively, during the month under review. Pakistan’s exports to Belgium and Bangladesh dropped by 23% and 47%, respectively, in November. According to Pakistan Bureau of Statistics (PBS), the country’s total exports were recorded at $2.369 billion in November 2022 against $2.901 billion during the corresponding month of 2021, with a decline of 18%.

The decline in the country’s total exports in November also caused negative growth in exports to the top five markets. Pakistan’s textile exports also dropped by 19% during the month under review, which hurt exports to European countries. Pakistan’s combined exports to the US, China and UK were recorded at $808 million in November that accounted for almost one-third of the country’s total exports during that period. The US, UK and China were also Pakistan’s largest markets in October 2022.

Pakistan’s top exported items in November include textile products, cotton yarn, cereals, rice, chemicals, pharmaceutical products, leather-made garments and sports goods. According to the Trade Development Authority of Pakistan (TDAP), the US remained Pakistan’s largest export destination in 2021-22, followed by the UAE and China. The UK, Germany, the Netherlands, Spain, Italy and Afghanistan were among the top ten markets for Pakistan during the last fiscal year. Pakistan’s exports were recorded at $6.701 billion to the US, $3.169 billion to the UAE and $2.969 billion to China in 2021-22.

Credit : Independent News Pakistan-WealthPk