ISLAMABAD, (Aug. 16) – In the inaugural month of fiscal year 2023-24, Pakistan’s exports to China surged by 35.1%, reaching a total of US$ 168.5 million.
This marked a substantial growth compared to the same period in the previous year, where exports amounted to US$ 124.7 million. These figures, sourced from the Trade Development Authority Pakistan (TDAP)’s most recent monthly report, indicate a robust start to the new fiscal year in terms of trade between the two nations.
According to the report, in July 2023, Pakistan’s exports to global destinations totaled US$ 2,057 million. This reflected a decrease of 8.57% compared to the same month in the preceding year, during which exports had reached US$ 2,250 million. Nevertheless, China stands at the forefront of the list of countries to which Pakistan’s exports have demonstrated remarkable growth.
Additional nations that have witnessed a surge in Pakistan’s exports encompass the United Kingdom 4.9%, Spain 7.2%, Italy 8.6%, Saudi Arabia 8.4%, Kenya 19.8%, Turkey 26.7%, Malaysia 9.7%, Oman 22.5%, and Qatar 32.3%.
In July 2023, Pakistan’s exports to the United States experienced a decline of 19.0%, amounting to US$ 408.3 million. This contrasts with the corresponding month in July 2022, when exports had reached US$ 506.6 million. Pakistan exports to the Netherlands decreased by 18.4%, Germany by 36.1%, UAE by 19.4%, Afghanistan by 4%, Belgium by 10.7%, Bangladesh by 41.3%, France by 5.9% and Poland by 14.3%.
As per TDAP’s report, Pakistan’s overall exports for the fiscal year 2022-23 stood at US$ 7,300.13 million, which is equivalent to $7.3 billion. Concurrently, within the same timeframe, Pakistan’s total imports amounted to US$ 8,019.58 million ($8.02 billion).
