Daily Times

The United States (US) remained the top export destination of Pakistani products during the first eleven months of the current financial year 2023-24, followed by China and the United Arab Emirates (UAE).

Total exports to the US during July-May 2023-24 were recorded at US 4,989.140 million against the exports of US $ 5,484.257 million during July-May 2022-23, showing a decline of 9.02 percent, according to the State Bank of Pakistan (SBP).

This was followed by China, wherein Pakistan exported goods worth US $2,553.481 million against the exports of US $1,889.195 million last year, showing an increase of 35.16 percent.

UAE was the third top export destination, where Pakistan exported products worth US $1,880.820 million during the months under review against the exports of US $1,341.804 million, SBP data revealed.

Among other countries, Pakistani exports to United Kingdom (UK) stood at US $1,861.083 million against US $1,808.288 million last year while the exports to Germany were recorded at US $1,381.369 million against US $1,488.714 million last year, data said.

During July-May, the exports to Holland were recorded at $1,273.035 million against $1,323.770 million whereas the exports to Italy stood at $1,032.475 million against $1,052.640 million.

Pakistan’s exports to Spain were recorded at $1,333.875 million against the exports of US $1,271.414 million while the exports to Afghanistan were recorded at $507.935 million against $478.614 million last year.

The exports to Bangladesh stood at US $605.744 million against US $709.050 million.

Similarly, the exports to France during the months under review were recorded at US $464.060 million against US $530.180 million while the exports to Belgium stood at US $505.812 million against US $642.282 million. Pakistan’s exports to Saudi Arabia were recorded at US $661.271 million during the current year compared to US $457.551 million last year whereas the exports to Turkiye stood at US $311.011 million against US $296.618 million.

China with $81.9 million has emerged as the leading investor, contributing 16% of the total FDI in the recent month. Gwadar Pro quoting the latest report from the State Bank of Pakistan, stated on Wednesday, Pakistan received a net foreign direct investment (FDI) of $81.9 million in May of the fiscal year 2023-24, with a cumulative inflow of $511.4 million from various countries during the same period.

China with $81.9 million emerged as the leading investor, contributing 16% of the total FDI.

In May, Pakistan attracted $73.7 million from Saudi Arabia, $26.9 million from the UK, $23.3 million from Hong Kong, China, $22.2 million from the United States, and $8.1 million from Canada.

The remaining investment came from other countries.

Sector-wise, petroleum refining led with $110.6 million, followed by the power sector which received $104.9 million (with breakdowns of $3.8 million in thermal, $76.9 million in hydel, and $24.1 million in coal).

The oil and exploration sector attracted $88.7 million, financial business $17.9 million, and the communication sector $10.7 million. The rest of FDI went to different other sectors.

From July to May of FY-24, Pakistan received a total of $1,170.7 million ($1.1707billion) in FDI, marking a significant increase of 142.9% compared to the $482 million recorded during the same period in FY-23.

China remained a pivotal contributor with $521.2 million in FDI from July to May FY-24, accounting for 44.6% of Pakistan’s total FDI, the report added.