AVN Report
ISLAMABAD: Pakistan’s export data for the first quarter of 2023-24, as revealed by the State Bank of Pakistan (SBP), reaffirms the United States (US) as the primary market for Pakistani exports, amounting to an impressive US $1,376.125 million.
Despite a 17.04 percent decrease from the corresponding period in the previous year when exports reached US $1,658.815 million, this underlines the strong trade bond between the two nations.
China closely follows as the second largest market for Pakistani goods, with exports totaling US $633.374 million, marking a substantial 26.42 percent increase compared to the prior year’s US $501.000 million.
The United Kingdom (UK) holds the third spot as an export destination, with Pakistan exporting products worth US $518.948 million during the same period. Though marginally lower than the previous year’s US $519.948 million, this showcases the enduring trade relationship between the two countries.
Other notable export destinations for Pakistan during this timeframe include the United Arab Emirates (UAE) at US $472.166 million, marking a 27.64 percent increase, and Germany at US $364.446 million, highlighting the diverse global markets Pakistan is effectively engaging with.
Additionally, Pakistan has observed a favorable growth in exports to countries like Holland, Italy, Spain, Afghanistan, and Bangladesh, indicating a promising outlook for its international trade.
Furthermore, Pakistan’s exports to France and Belgium have remained robust, with figures standing at US $130.743 million and US $136.588 million, respectively.
Saudi Arabia, another vital trade partner, experienced an upsurge in imports of Pakistani products, reaching US $149.271 million during the current year, compared to US $114.849 million in the previous year.
Finally, Pakistan’s exports to Turkey reached US $90.272 million, demonstrating steady trade relations with this pivotal nation. These export figures not only underscore Pakistan’s ability to diversify its trade portfolio but also emphasize its robust economic connections with a range of international partners. The positive trends in exports to various countries bode well for Pakistan’s economic growth and stability in the coming year.
