Raza Khan

The United States remained the largest export destination for Pakistan in October 2022, followed by China and the United Kingdom, according to the Ministry of Commerce. Pakistan’s exports to the US were recorded at $416 million in October against $603 million in the same month of last year, with a negative growth of 31%. China remained Pakistan’s second largest market in the month under review with an export volume of $203.28 million. Exports to China declined by 28% in October against the same month of last year when the export volume was recorded at $281.3 million.

With an export volume of $151.38 million, the UK remained the third largest market for Pakistan in October. Exports to the UK dropped by 23% in the month under review against the corresponding period of last year. With an export volume of 141.76 million, United Arab Emirates (UAE) stands as the fourth largest export destination for Pakistani goods in October. Exports to UAE increased substantially by 69% in the month under review. The Netherlands remained Pakistan’s fifth largest export destination in October with an export volume of $127.14 million, registering an increase of 9%.

Germany, Spain, Afghanistan, Italy and Bangladesh were also among Pakistan's top 10 export markets in October. Pakistan’s exports to Germany, Spain, Afghanistan, Italy and Bangladesh were recorded at $124.5 million, $117 million, $91.47 million, $79.18 million and $63.74 million, respectively, in October. Exports to Singapore recorded a massive increase in the month under review and rose to $44.24 million from just $3.85 million in the same month of last year. In October, Pakistan’s exports to Sri Lanka, Australia and Japan also grew by 17%, 9% and 11%, respectively. Exports to major markets like Belgium, France, Kenya and Poland dropped in October.

According to Pakistan Bureau of Statistics (PBS), the country’s total exports were recorded at $.371 billion in October 2022 against $2.464 billion in the corresponding month of 2021, with a decline of 3.77%. Decline in the country’s total exports in October also caused negative growth in exports to the top three markets. Pakistan’s textile exports also dropped by 16% in the month under review, which hurt exports to European countries.

Pakistan’s combined exports to the US, China and UK were registered at $770.68 million in October, which accounted for almost one-third of the country’s total exports in the month. US, UK and China were Pakistan’s largest markets in September, followed by the Netherlands, Germany and Spain. Pakistan’s top export items in October 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 in 2021-22, followed by UAE and China. UK, Germany, Netherlands, Spain, Italy and Afghanistan were among the top 10 markets for Pakistan in 2021-22. Pakistan’s exports to the US were recorded at $6.701 billion, UAE $3.169 billion and China $2.969 billion in 2021-22.

Credit : Independent News Pakistan-WealthPk