ISLAMABAD: Pakistan’s merchandise exports to North America rose by 9.76 per cent to $4.273 billion during the first eight months of the current fiscal year, compared to $3.893bn in the same period a year ago.
The growth was primarily driven by a surge in textile and clothing exports to the United States, which accounted for 94 per cent of Pakistan’s total exports to the region.
Data compiled by the State Bank of Pakistan showed that the revival in exports came after two consecutive years of declining trends. In FY24, Pakistan’s total exports to North America had declined by 8.42 per cent to $5.432bn, down from $5.93bn in the previous fiscal year.
Similarly, exports to the US alone fell by 23.28 per cent to $5.17bn in FY23, compared to $6.74bn in FY22.
The recent rebound has been supported by a slowdown in textile and clothing exports from Bangladesh and Vietnam, creating opportunities for Pakistani products in the US market. However, exporters are concerned about the impact of a 29 per cent tariff imposed during the Trump administration on several Pakistani textile products.
The commerce ministry has yet to assess the full impact of these tariff measures.
In the first eight months of FY25, exports to the US rose 10.47 per cent to $4.009bn from $3.629bn over the same period last year. According to the Pakistan Bureau of Statistics, full-year exports to the US in FY24 declined by 8.26 per cent to $5.442bn, compared to $5.932bn a year earlier.
Exports to Canada recorded marginal growth, rising by 0.56 per cent to $262.676 million during 8MFY25 from $264.156m in the same period last year. Over the full fiscal year FY24, exports to Canada declined by 8.77 per cent to $389.164m, down from $426.575m.
Meanwhile, imports from North America increased by 29.41 per cent to $1.663bn in 8MFY25, compared to $1.285bn in the corresponding months of last year. Imports from the US in FY24 stood at $1.875bn, down from $2.216bn recorded the previous year.
Pakistan’s exports to Latin America rose 9.97 per cent to $48.998m during the eight months under review, compared to $44.627m a year ago. For the full FY24, exports to the region surged 46.59 per cent to $77.822m, up from $53.087m a year earlier. Imports from Latin America, however, plummeted by 90.17 per cent to $4.073m during 8MFY25.
Exports to Central America declined by 2.64 per cent to $113.794m in 8MFY25 from $116.881m over the previous year. Mexico remained the key export market, although shipments there slipped 1.35 per cent to $87.180m.
Imports from Central America stood at $48.348m during the period, a decline of 6.75 per cent from last year.
Exports to South America showed modest growth of 2.71 per cent, reaching $227.215m in 8MFY25, up from $221.212m. Exports to Argentina fell 13.23 per cent to $30.173m, while exports to Brazil declined by 4.16 per cent to $87.719m. Exports to Uruguay dropped 4.84 per cent to $5.387m.
On the import side, shipments from South America surged 163.66 per cent to $784.743m in 8MFY25, compared to $297.631m last year, making the region Pakistan’s second-largest source of imports after North America. The United States continues to be Pakistan’s largest trading partner across the Americas.
