US, China, and UK top export ranks
Senior Vice Chairman of the Towel Manufacturers Association, Syed Usman Ali criticised the SBP’s approach, highlighting that banks are charging a 1% withholding tax on the entire realised amount, even though exporters are subjected to mark lien rates according to the delayed period. Photo: file
The US continues to be the largest market for Pakistani exports during the eleven months of the FY2022-23, with China and the UK following closely behind.
According to data from the SBP, total exports to the US from July to May (2022-23) were valued at $5,481.385 million, representing a decline of 11.05% compared to the same period last year when exports amounted to $6,162.991 million.
China remained the second-largest export destination, with Pakistan exporting goods worth $1,891.949 million, marking a decrease of 25.64% compared to the previous year’s exports of $2,544.418 million.
The UK secured the third position as an export market, with goods valued at $1,806.385 million being exported during the reviewed period. This figure reflects a decline of 10.21% from the exports of $2,011.859 million in the corresponding period last year.
Other notable export destinations included Germany, with exports amounting to $1,488.461 million (a 5.48% decrease), and the UAE, with exports recorded at $1,341.359 million (a decrease of 17.91%).
Published in The Express Tribune, June 28th, 2023.
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