In the first eight months of the current fiscal year, Pakistan’s merchandise exports to the United States decreased by 10.14%, totaling $3.63 billion, down from $4.04 billion in the same period last year.
The State Bank of Pakistan attributes this decline primarily to reduced textile and clothing exports to North America.
In contrast, trade figures with China tell a different story, with a significant increase of 42%, raising the export value to $1.895 billion from $1.334 billion in the corresponding months of the previous year.
Projections suggest that by the end of June this year, Pakistan’s exports to China will hit the $3 billion mark.
Data from the Pakistan Bureau of Statistics (PBS) indicates a broader trend of fluctuating trade values, with Pakistan’s exports to the US dropping to $5.17 billion in the fiscal year 2023, a 23.28% decrease from $6.74 billion the year before.
Meanwhile, exports to China in fiscal year 2024 decreased by 30%, totaling $2.22 billion down from $3.18 billion in fiscal year 2022.
Despite these shifts, the US remained Pakistan’s largest export market in fiscal year 2023, although its share of total exports fell slightly from 21% to 19%.
The export proportions to China also declined, moving from 10% to 8%. Conversely, export levels to other key markets like the United Kingdom, the Netherlands, Germany, Spain, and the United Arab Emirates have remained stable.
Collectively, these seven countries accounted for 55% of Pakistan’s total exports in fiscal year 2023, marginally down from 57.3% in the previous year.
The report identifies economic slowdowns in major importing countries, tightened monetary policies to combat inflation, and the impact of the Russia-Ukraine conflict as significant barriers to Pakistan’s export growth.
Additionally, it notes a downturn in home textile exports due to reduced demand in key markets including the European Union, the US, and the UK.
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