US, China and UAE top export destinations
Promotion of exports by tapping new markets and expanding the export basket by reducing trade barriers is the ultimate way forward. Photo; File
The United States remained the top export destination for Pakistani products during financial year 2023-24, followed by China and the United Arab Emirates (UAE).
Total exports to the US reached $5.43 billion during July-June 2023-24 against exports of $5.93 billion in 2022-23, showing a decline of 8.4%, according to the State Bank of Pakistan (SBP).
It was followed by China, where Pakistan exported goods worth $2.71 billion compared to shipments of $2.03 billion last year, registering an increase of 33.6%.
UAE was the third top export destination as Pakistan shipped products valuing at $2.08 billion in FY24 against exports of $1.48 billion in the previous year, SBP data revealed. Among other key markets, Pakistan’s exports to the United Kingdom stood at $2.01 billion, up from $1.97 billion last year while exports to Germany were recorded at $1.51 billion, slightly lower than $1.60 billion.
During FY24, exports to the Netherlands reached $1.38 billion against shipments valuing at $1.45 billion last year whereas exports to Italy stood at $1.12 billion compared to $1.15 billion a year ago.
Exports to Spain were recorded at $1.45 billion against $1.37 billion in the previous year while shipments to Afghanistan came in at $554.01 million against $522.27 million last year. Exports to Bangladesh stood at $666.52 million against $768.55 million a year earlier.
Similarly, exports to France reached $507.74 million during the year under review, down from $570.09 million last year while exports to Belgium stood at $556.16 million compared to the previous year’s $701.01 million.
Pakistan’s exports to Saudi Arabia surged to $710.33 million compared to $503.85 million last year whereas goods shipments to Turkiye were valued at $335.14 million against $323.39 million last year.