Daily Times

The United States remained Pakistan’s largest export market, with $539 million worth of goods exported to the country in January 2022. According to the data released by the State Bank of Pakistan (SBP), national exports to the USA declined 16 percent on a month-on-month (MoM) basis in January 2022, as the country exported goods worth $641 million to the USA in December 2021. In terms of volume, China appeared as the second major destination country during the month, wherein Pakistan exported goods worth $256 million, depicting a decline of 19 percent on MoM basis while they increased by 35 percent on a year-on-year (YoY) basis. This was followed by the United Kingdom (UK), wherein the total exports to the country during the said period clocked in at $163.5 million from the exports of $201.8 million recorded in the previous month. Compared to the same period last year, exports to the UK plummeted by 9 percent YoY.

Next in line are Germany and Netherlands (Holland) wherein Pakistan received export earnings of $128 million and $117 million during the month, respectively. Exports to Germany depicted a decrease of 26 percent MoM, while exports to the Netherlands went down by 8 percent on an MoM basis. Among other countries, Pakistani exports to the UAE during January 2022 stood at $107 million, down by 30 percent MoM, followed by Spain and Bangladesh with $98 million and $84 million respectively, the data revealed.

During the first seven months of the current fiscal year (July-January 2021-22), the USA remained the top destination of Pakistan’s exports with $2.68 billion, depicting an upsurge of 44pc when compared to the corresponding period last year. This was followed by China and the UK. The exports to China during 7MFY22 were recorded at $1.59 billion, up by 55pc YoY, while exports to the UK, the third top export destination, increased by 15pc YoY to $1.31 billion from $1.14bn in the same period last year.