US remains Pakistan’s top export destination despite yearly decline

WEB DESK: The United States of America (USA) emerged as Pakistan’s leading export market during the fiscal year 2023-24, with shipments totalling $5.43 billion despite an 8.4 per cent yearly decline, according to data released by the State Bank of Pakistan (SBP).

The exports recorded to the USA in the previous fiscal year were $5.93 billion.

China was the second-largest destination for Pakistani exports, with goods worth $2.71 billion sent during the same period. This marks a significant 33.6 per cent increase from the $2.03 billion exported to China in the prior year.

The United Kingdom ranked third, with export receipts amounting to $2.01 billion, a 2.2 per cent rise from the $1.97 billion generated last year.

In fourth place was the United Arab Emirates (Dubai), where exports reached $1.71 billion, reflecting a 28.8 per cent year-on-year increase.

Other notable figures include exports to Germany, which totalled $1.51 billion, down by 5.5 per cent year-on-year, and exports to Spain, which rose by 5.4 per cent to $1.45 billion.

Additionally, export receipts from the Netherlands stood at $1.38 billion, a 4.3 per cent decline from the previous year.

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