ISLAMABAD: Pakistan’s exports of goods and services to the United State (US) witnessed a surge of 11.86 per cent during the first eight months of the fiscal year 2020-21 (FY21) as compared to the corresponding period last year.
According to details, overall exports to the US were recorded at $3,082.2 million during the (July-February) period against exports of $2,755.2 million during the corresponding period in FY20, State Bank of Pakistan (SBP) data revealed on Thursday.
Meanwhile, on a year-to-year (YoY) basis, exports during February 2021 also increased by 27.68pc, from $314.8 million against the exports of $401.949 million.
However, on a month-on-month (MoM) basis, exports rose by 0.5pc during February 2021 in comparison with exports of $399.9 million in January 2021, SBP data said.
Overall, the country’s exports to other countries witnessed a decline of 2.26pc in 8MFY21, from $16.438 billion to $16.065 billion.
On the other hand, imports from the US during the period under review were recorded as $1,467.5 million against $1,470.7 million last year, showing a nominal decrease of 0.24pc in 7MFY21.
The overall imports into the country increased by 8.59pc, from $29.6 billion to $32.1 billion.
Earlier, Pakistan’s exports to the United States surpassed the $400-million mark during the months of October and November 2020.
The US also remained the top export destinations of the Pakistani products during the first four months (July-Oct) of FY21, followed by United Kingdom (UK) and Germany.
Meanwhile, Pakistan’s exports to regional countries declined 22 per cent in the first eight months of the current fiscal year due to the impact of Covid-19.
Exports to Afghanistan, China, Bangladesh, Sri Lanka, India, Iran, Nepal, Bhutan and the Maldives fell to $1.171 billion in 8MFY21, from $1.504bn the previous year, according to the latest data compiled by the State Bank of Pakistan.
On the other hand, the country’s trade deficit with the region narrowed slightly during the period under review as imports from these countries also dipped.
Pakistan’s exports to Afghanistan fell 13.6pc to $629.324m in 8MFY21 from $728.315m in 8MFY20. A few years ago, Afghanistan was the second major export destination after the United States.