USA Tops Exports While China Dominates Imports for Pakistan

In May FY24, Pakistan's trade dynamics with its key partners showcased significant trends. China emerged as the foremost source of imports, with goods valued at $1.5 billion, marking a substantial 115.9% increase year-over-year (YoY) from $695.14 million in the corresponding period last year. This surge underscored China's pivotal role in Pakistan's import landscape. Following China, the UAE Dubai ranked second, with imports totaling $507.58 million, reflecting a robust 78.1% YoY growth from $285.07 million.

Meanwhile, Qatar and Saudi Arabia occupied the third and fourth positions respectively in Pakistan's import hierarchy during the same period. Imports from Qatar amounted to $323.37 million, up 8.2% YoY from $298.73 million, while Saudi Arabia saw a decline to $302.89 million, down 26.2% YoY.

In contrast, Pakistan's export dynamics for May FY24 highlighted the USA as the leading destination, with exports worth $491.48 million, slightly up from $490.95 million in the previous year. China followed closely with exports reaching $212.39 million, indicating a 12.4% YoY increase from $188.89 million. The UAE Dubai ranked third with exports valued at $188.73 million, showing a substantial 54.7% growth from $122 million.

Looking at cumulative figures for 11MFY24, China remained Pakistan's top import source, contributing $12.15 billion, a significant increase from $9.04 billion in 11MFY23. The UAE Dubai, despite a decline of 11.2%, stood at $4.47 billion. Saudi Arabia ranked third with imports totaling $4.1 billion, down from $4.19 billion in the previous period.

On the export front, the USA retained its position as Pakistan's primary export market in 11MFY24, amounting to $4.99 billion, though slightly lower than $5.48 billion in the previous fiscal year. China's significance grew, with exports reaching $2.55 billion, up 35.2% from the previous period. The UK followed with exports of $1.86 billion, up from $1.81 billion.

These trade statistics underscore the evolving economic relationships Pakistan maintains with its key trading partners, reflecting both challenges and opportunities in its international trade landscape.