US remains top buyer of Pakistani goods

Updated 29 Sep 2020

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The United States remained Pakistan’s top export destination August as the country earned $334.5 million in proceeds during August. — File photo
The United States remained Pakistan’s top export destination August as the country earned $334.5 million in proceeds during August. — File photo

KARACHI: The United States remained Pakistan’s top export destination August as the country earned $334.5 million in proceeds during August, even as they witnessed a decline compared to $341.08m in same period of 2019.

According to data released by the State Bank, Pakistan received $671.75m from the US during July-August, compared to $714.63m in the corresponding months of 2019 — registering a fall of six per cent.

The United Kingdom was the second biggest buyer from Pakistan at $129.17m in August, down 6.1pc over $137.56m in the corresponding period last year.

On the other hand, Pakistan’s merchandise exports to Germany rose by 6.75pc to $111.79m during August, from $104.725m in same month of 2019.

Next came China which bought goods worth $93.649m from Pakistan during the month under review, plunging by 25.88pc over $126.345m in the same period last year.

The United Arab Emirates closely followed purchasing Pakistani merchandise valued at $93.219m in August, lower by 6.51pc compared to $99.714m in the same month of 2019.

Meanwhile, exports to Afghanistan edged up 5.36pc year-on-year to $60.975m in August, from $57.873m.

On the flip side, Pakistan unsurprisingly imported the most merchandise from China at $783.365m in August, inching up 1.84pc from $769.235m in same month of 2019 while plunging by 28.88pc compared to $1.101 billion in outgoing July.

Imports from the UAE also edged up by 3.78pc year-on-year to $559.544m in August, from $539.154m with Dubai accounting for the largest share of the value.

The country bought goods worth $192.378m from Singapore during August, which represented a decline of almost 7pc year-on-year against the corresponding month last year’s figure of $206.788m.

Pakistan’s imports from the US also surged by 42.14pc to $140.392m during the month under review, as against $98.772m recorded in August 2019.

Another $109.969m of goods were purchased from Switzerland in August, more than doubling over $40.15m in the corresponding month last year.

Published in Dawn, September 29th, 2020