Exports to US and UK show strong growth in Q1

KARACHI: Pakistan’s exports to the US and the UK, two high-priced markets, have seen substantial growth in the first quarter of the current financial year. However, exports to China have sharply declined during the same period, according to country-specific data released by the Trade Development Authority of Pakistan (TDAP).

The UK has overtaken China to become the second-largest export market for Pakistani products.The US remains the top export market for Pakistan, with exports to the country crossing the $1 billion mark in the first quarter. Exports stood at $1.454 billion, compared to $1.309 billion in the same quarter of the previous fiscal year, registering an 11 per cent increase.

The UK ranked second, importing $580 million worth of Pakistani goods, reflecting a 14 per cent growth compared to $509 million last year.Exports to China, however, saw a decline of 23 per cent, falling to $559 million from $730 million in the same quarter of the previous fiscal year.

In addition to the US and UK, Germany, the United Arab Emirates (UAE), the Netherlands, Spain, Afghanistan, and Italy were also major export markets, with exports to each of these countries surpassing or nearing the $300 million mark.

Exports to Saudi Arabia, Bangladesh, Malaysia, France, Belgium, Sri Lanka, Poland and Canada exceeded $100 million during the quarter. Overall, Pakistan’s exports showed a growth of 14.11 per cent in the first quarter of the current fiscal year (2024-25), compared to the corresponding period of the previous year.

Exports during the July-September period of FY25 were recorded at $7.875 billion, compared to $6.901 billion in the same period last year.Textile exports were the largest contributor, totalling $4.786 billion in the first three months of the current fiscal year. Exports of bedlinen, table linen, toilet linen, and kitchen linen topped the textile category, totalling $404 million, compared to $331 million during the same months last year.

Agriculture and food exports amounted to $1.7 billion in the period under review. Rice exports alone stood at $239 million, up from $17 million in the same period last year, showing a 37 per cent increase. Additionally, Pakistan exported almost $632 million worth of other manufactured goods.

Regionally, the European market became the top destination for Pakistani exports, replacing the Asian market. Exports to the EU reached over $2.9 billion in the first three months of FY25, while exports to Asia totalled $2.7 billion.

Exports to the Americas (North and South) totalled $1.7 billion, while exports to Africa amounted to $463 million. Exports to Oceania, which includes Australia and Pacific Island nations, stood at $79 million during the same period.