Daily Times

Pakistan’s goods and services trade with the United States (US) witnessed a surplus of 23.21 percent during first month of current financial year (2022-23) as compared to the corresponding period of last fiscal year.

The trade surplus during the period under review was recorded at $335.091 million against $271.952 million last year, showing 23.21 percent growth. The exports to the US were recorded at $499.686 million during July this year against $503.118 million during the same month last year, showing a nominal decline of 0.68 percent, the State Bank of Pakistan (SBP) data revealed.

Similarly, on-month-on-month basis, exports to the US also witnessed a decrease of 22.03 percent during July this year as compared to US $640.935 million in June the same year. However, Pakistan’s overall exports showed an increase of 2.68 percent in first month, from $2235.039 million to $2295.027 million, the data showed. On the other hand, the imports from the US this year were recorded at $164.595 million against $231.166 million of last year, witnessing a decrease of 22.78 percent in July.

On month-on-month basis, the imports from the US dropped by 51.29 percent during July this year as compared to US $337.964 million in June this year, the data further revealed. However, the overall imports rose by 0.26 percent, from $5371.040 million to $5385.016 million. Meanwhile, on a year-on-year basis, exports to USA during May 2022 also surged by 19.17 percent, from US $ 454.332 million to US $ 541.433 million.

Similarly, month-on-month exports to the USA however decreased by 1.41 percent during May 2022 as compared with exports of US $ 618.214 million in April 2022, the SBP data said. Overall Pakistan’s exports to all countries also witnessed an increase of 26.73 percent in eleven months, from $23.146 billion to $29.333 billion, the SBP data said. On the other hand, imports from the US during the period under review were recorded at $2717.185 million against $2199.857 million of last year, showing an increase of 23.51 percent in July-May (2021-22).

Meanwhile, year-on-year imports from the US during May 2022 also increased by 13.28 percent from US $209.294 million last year to US $237.092 million. On a month-on-month basis, the imports from the US however dipped by 6.16 percent during May 2022 as compared to the import of US $252.676 million in April 2022, SBP data said. The overall imports increased by 34.46 percent, from US $47.970 billion to US $65.461 billion. The trade surplus during the period was recorded at $3440.986 million against $2275.375 million during same period of last year, showing 51.22 percent growth.