In the dynamic landscape of Pakistan's international trade, the United States retained its position as the primary export destination for the nation in November FY24, according to data released by the State Bank of Pakistan.
Despite a 7.89% year-on-year decrease, Pakistan's exports to the United States amounted to $435.14 million in November FY24, showcasing the resilience of the economic ties between the two nations.
China emerged as the second-largest export destination for Pakistan, witnessing a notable increase of 36.3% year-on-year. The export figures rose from $199.06 million in the same period last year to $271.32 million, underscoring the strengthening trade bonds between the two countries.
The United Kingdom secured its position as the third-largest export market for Pakistan, contributing $172.94 million in export revenue. This reflected a positive growth of 7.15% compared to the previous year, demonstrating the resilience of trade relations between Pakistan and the U.K.
UAE-Dubai
U.A.E. Dubai claimed the fourth spot as a major export destination, with a substantial increase of 24.23% year-on-year. Pakistani exports to the region reached $134.02 million, highlighting the expanding economic engagement between the two nations.
While Pakistan experienced a 10.29% year-on-year drop in exports to Germany, amounting to $125.11 million, exports to Spain saw a positive uptick of 3.32% YoY, reaching $122.27 million. The Netherlands, however, witnessed a decline of 6.17% YoY, with export receipts standing at $111.93 million.
Month-on-month fluctuations
In November alone, total exports to the U.S.A. experienced a 10.31% month-on-month decrease, mirroring a similar trend in exports to China, which dropped by 14.91% month-on-month. On the flip side, exports to the U.K. saw a modest increase of 1.35% month-on-month.
Cumulatively, in the first five months of FY24, the United States maintained its position as the leading source of export receipts for Pakistan, contributing a substantial $2.3 billion. China followed closely, with a remarkable 39.44% increase in exports, totaling $1.22 billion. The United Kingdom ranked third, contributing exports valued at $862.4 million.
