Business Tech

US, China remain top export destinations in 5 months

trade import - US, China remain top export destinations in 5 months

ISLAMABAD: The United States remained the top export destination for Pakistani products during the first five months (July-November) of the current fiscal year 2021-22.

According to the data released by the State Bank of Pakistan (SBP), China, the United Kingdom, Germany and UAE remained the next top destinations, respectively, for Pakistani exports.

According to details, exports to the United States surged to $2.68 billion in July-November period, against the exports of $1.85 billion in the same period of last financial year 2020-21, showing an increase of 45 percent.

Likewise, Pakistan exported goods worth $1 billion to China against the exports of $615.7 billion from July to November 2021-22, showing a growth of 65 percent on a year-on-year basis.

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This was followed by the UK, wherein the total exports to the country during the said period mounted by 22 percent on a year-on-year basis to $943.8 million from the exports of $773.8 million recorded in the corresponding period of the previous year.

Germany and the UAE come at number four and five and Pakistani exports to these countries remained $691.2 million and $689.5 million, respectively, during the aforementioned period. Exports to Germany depicted a jump of 12 percent, while exports to UAE grew by 22 percent on a yearly basis.

Pakistani exports to the Netherlands stood at $554.5 million, up by 33 percent, followed by Italy and Spain with $406.7 million and $410.1 million respectively, the data revealed.

Meanwhile, Pakistan’s trade deficit in the services sector widened by 408.2 percent to $249 million in November 2021 from $49 million in November 2020. However, on a sequential basis, the country’s trade deficit in services improved by 21 percent from $314 million in October 2021.

This has brought the trade deficit in services during the first five months of the fiscal year 2022 to $1.32 billion, up by 66 percent from $799 million in the corresponding period last fiscal year.

The exports of services during the month amounted to $583 million i.e. up by 15 percent YoY and 6 percent MoM.

Amongst the total exports, telecommunications, computer and information services made the largest contribution with an amount of $221 million, showing an improvement of 31.6 percent on a year-on-year basis and 13.33 percent on a month-on-month basis.

This is followed by other business services that brought $125 million into the country. In terms of growth, receipts from the exports of other business services inched up by 1.63 percent on a month-on-month basis while on yearly basis, the export of the same commodity witnessed no change.

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