SBP reports double-digit drop in Pakistan’s US exports

WEB DESK: During the initial eight months of the fiscal year 2023-24, Pakistan experienced a notable decline of 10.38 per cent in its exports of goods and services to the United States, according to a report released by the State Bank of Pakistan (SBP).

The data from SBP indicates that exports to the US amounted to US $3,626.141 million from July to February 2023-24, compared to US $4,046.337 million during the same period in 2022-23.

Analyzing the figures year-on-year, there was a reduction of 10.97 per cent in exports to the US, dropping from $476.804 million in February 2023 to $424.497 million in February 2024.

Similarly, exports to the US witnessed a month-on-month decline of 6.89 per cent in February 2024, compared to January 2024, with exports totaling $455.944 million.

Meanwhile, Pakistan’s overall exports to other countries saw a positive trajectory, increasing by 10.15 per cent in the first five months of the fiscal year, rising from US $18.643 billion to US $20.537 billion.

Conversely, imports from the US during the same period amounted to US $1,191.518 million, showing a decline of 17.09 per cent compared to the previous fiscal year’s figure of US $1,437.237 million.

Breaking down the import statistics, imports from the US saw a year-on-year decrease of 10.70 per cent in February 2024, totaling US $157.042 million compared to US $175.873 million in February 2023.

\However, imports from the US experienced a month-on-month increase of 12.34 per cent in February 2024, reaching US $139.783 million compared to US $139.783 million in January 2024.

Overall, Pakistan’s imports witnessed a decrease of 8.76 per cent, from US $37.354 billion to US $34.079 billion, according to the data provided.