ISLAMABAD-The United States (US) remained the top export destination of Pakistani products during the first four months of the current financial year 2023-24, followed by China and the United Kingdom (UK).
Total exports to the US during July-October 2023 were recorded at $1861.288 million against the exports of $2134.207 million during July- October 2022, showing a decline of 12.78 percent, according to the State Bank of Pakistan (SBP). This was followed by China, wherein Pakistan exported goods worth $952.216 million against the exports of $678.386 million last year, showing an increase of 40.36 percent. UK was the third top export destination, where Pakistan exported products worth $689.453 million during the months under review against the exports of $685.666 million, SBP data revealed. Among other countries, Pakistani exports to UAE stood at $625.493 million against $499.033 million last year, showing an increase of 25.34 percent while the exports to Germany were recorded at $487.171 million against $606.595 million last year, data said. During July-October, the exports to Holland were recorded at $447.893 million against $511.689 million whereas the exports to Italy stood at $409.389 million against $401.159 million.
Pakistan’s exports to Spain were recorded at $516.514 million against the exports of $451.600 million while the exports to Afghanistan were recorded at $180.686 million against $179.019 million last year. The exports to Bangladesh stood at $192.193 million against $294.499 million. Similarly, the exports to France during the months under review were recorded at $172.453 million against $209.851 million while the exports to Belgium stood at $182.916 million against $259.209 million. Pakistan’s exports to Saudi Arabia were recorded at $214.983 million during the current year compared to $146.771 million last year whereas the exports to Turkiye stood at $130.971 million against $118.416 million.
EXPORTS SURGE 9PC
Export of chemical and pharmaceutical products from Pakistan have recorded an annual growth of 9% in the first four months of the current financial year, according to data from the Pakistan Bureau of Statistics. The country earned $516 million in foreign exchange from the export of these products in the first four months of the current financial year, which is 9% more than the same period of the previous financial year. In the same period of the last financial year, the country earned $473 million in foreign exchange from exports of chemical and pharma products.
In October alone, the volume of exports of chemical and pharmaceutical products reached $145 million, a 13% increase from October 2022. This is a positive sign for the Pakistani economy, as it suggests that the country is on track to meet its export targets for the current financial year.
The increase in exports is being attributed to a number of factors, including strong demand from international markets, government initiatives to promote the export of these products, and a favorable exchange rate. The government has been working to promote the export of chemical and pharmaceutical products by providing incentives to exporters and helping them to identify new markets. The favorable exchange rate has also made Pakistani exports more competitive in the global market. The increase in exports of chemical and pharmaceutical products is expected to continue in the coming months. This will be a welcome boost for the Pakistani economy, as it will help to generate much-needed foreign exchange and create jobs.