Monday, July 15, 2024

U.S.A Remains Pakistan’s Top Export Destination in May with Nearly $500 Million Worth of Shipments

In May FY24, the United States was the top destination for Pakistan’s exports, with shipments totaling $491.48 million. This was a slight increase from the $490.95 million recorded in the same month last year.

According to the State Bank of Pakistan, China was the second-largest export market, with Pakistan exporting goods worth $212.39 million to China. This was a 12.4% increase from $188.89 million in May of the previous year.

The United Arab Emirates, especially Dubai, was the third-largest market for Pakistani exports. Pakistan earned $188.73 million from exports to the UAE, which was a significant 54.7% rise from $122 million during the same period last year.

Looking at the cumulative data for the first 11 months of FY24, the United States was the leading source of export revenue for Pakistan, with total exports amounting to $4.99 billion. This was slightly lower than the $5.48 billion earned during the same period in FY23. Exports to China during these 11 months grew by 35.2%, reaching $2.55 billion.

The United Kingdom was the third-largest contributor to Pakistan’s export earnings over the 11 months of FY24. Exports to the UK amounted to $1.86 billion, a slight increase from $1.81 billion in the previous year.

These figures show a notable growth in Pakistan’s exports to major global markets. The increase in exports to China and the UAE, in particular, highlights the expanding trade relationships with these countries.

Despite a slight decrease in export earnings from the United States over the 11-month period, the overall trend indicates positive growth in Pakistan’s international trade. This growth is essential for the country’s economy, as it helps boost revenue and supports economic development.

Related Articles

Latest Articles