US tops export destinations for Pakistan

ISLAMABAD: The United States of America (USA) remained the top export destinations of the Pakistani products during the first seven months of the current financial year (2019/20), followed by China and United Kingdom (UK).

Total exports to the USA, during July-January (2019-20), were recorded at $2.440 billion against the exports of $2.366 billion during July-January (2018-19), showing an increase of 3.13 percent during the period under review, according to State Bank of Pakistan (SBP).

This was followed by China, wherein Pakistan exported goods worth $1.056 billion against the exports of $1.038 billion last year, showing a nominal increase of 1.80 percent. UK was the third top export destination, where Pakistan exported products worth $1.004 billion during the current financial year against the exports of $1.039 billion during the last fiscal year, showing decrease of 3.37 percent, the SBP data revealed.

Among other countries, Pakistani exports to United Arab Emirates stood at $984.881 million against $743.474 million during last year, showing increase of 32.47 percent, while exports to Germany were recorded at $799.324 million against $767.483 million last year, the data revealed.

During the first seven months, exports to Afghanistan were recorded at $633.121 million against $676.197 million whereas the exports to Holland stood at $597.048 million against $546.690 million.

Pakistan’s exports to Spain were recorded at $525.942 million against $533.148 million last year whereas the exports to Italy stood at $463.043 million against $448.649 million.

Similarly, the exports to Bangladesh during the current financial year were recorded at $440.909 million against $452.491 million, while the exports to France stood at $257.809 million against $268.514 million.

Pakistan’s exports to Singapore were recorded at $126.657 million during the current financial year compared to $158.880 million last year whereas, the exports to Canada stood at $168.951 million against $172.429 million, to Saudi Arabia $278.966 million against $180.161 million whereas the exports to India stood at $17.672 million during the financial year against $250.167 million during last year.

Earlier this month, Adviser to the Prime Minister on Commerce, Textile, Industry and Production Razak Dawood told the senate that the country’s exports witnessed two percent increase during July 2019 to January 2020, APP reported. Textile sector exports witnessed 25 percent increase, poultry 50 percent and fishery 28 percent during the last period. Quantity-wise exports registered upward trend but not value-wise due to prevailing recession at international level.

Dawood said the government is specially focusing to boost exports of IT, chemical and engineering products. Gas and electricity tariffs were also fixed for export-oriented sectors, he added. “The government is also finalising the strategic trade policy framework 2020-25, with an aim at addressing capacity constraints of competitiveness and factor productivity related issues that were hampering growth of small-scale entrepreneurs.”