Exports to North America rise 9pc
ISLAMABAD: Pakistan’s merchandise exports to North America witnessed nearly nine per cent growth in the first four months of the current fiscal year compared to the previous year, mainly due to a surge in exports to the United States.
According to data compiled by the State Bank of Pakistan, the increase in exports to the region is mainly attributed to the rise in textile and clothing exports to the US.
In FY24, Pakistan’s exports to the region recorded a negative growth of 8.42pc to $5.432 billion from $5.93bn over the same period last year. Pakistan’s exports to the US stood at $5.17bn in FY23, down 23.28pc from $6.74bn in the previous fiscal year.
The revival of exports to the region was recorded in the current fiscal year mainly due to a rise in exports of textiles and clothing following a slowdown in exports from Bangladesh and Vietnam.
In North America, Pakistan’s exports to the US stood at $2.037bn in 4MFY25 from 1.862bn over the corresponding months of last year, indicating a growth of 9.39pc. According to PBS data, Pakistan’s exports to the US stood at $5.17bn in FY23, which fell by 23.28pc from $6.74bn over the previous fiscal year.
Pakistan’s exports to Canada recorded a paltry growth of 2.90pc to $131.79m in 4MFY25 from $128.07m over the corresponding months of last year. In FY24, Pakistan exports to Canada stood at $389.164m against $426.575m over the previous year, indicating a decline of 8.77pc.
The imports from North America stood at $819.274m in 4MFY25 from $639.609m over the previous year, showing an increase of 28pc. Maximum imports are from the USA.
In the same region, Pakistan’s export to Latin America stood at $19.037m in 4MFY25 against $14.953m over the previous year, indicating a marginal increase of 27pc. In FY24, the export value to the region stood at $77.822m against $53.087m over the previous year, showing an increase of 46.59pc.
The imports from Latin America stood at $1.241m in 4MFY25 against $6.278m over the last year, showing a decline of 80pc.
Pakistan’s exports to Central America stood at $60.525m in 4MFY25 from $60.581m over the previous year, a decline of 0.092pc. In Central America, Pakistan’s main export destination is Mexico, which saw a paltry growth of 7.38pc to $46.443m in 4MFY25 from $43.250m over the corresponding months of last year.
The imports from Central America stood at $20.882m in 4MFY25 against $22.848m over the same months last year, showing a decline of 8.60pc.
According to SBP data, Pakistan exports to South America—Argentina, Brazil, Uruguay, etc. stood at $111.714m in 4MFY25 from $111.353m over the corresponding months of last year, showing a paltry growth of 0.32pc.
In South America, Pakistan’s exports to Argentina stood at $14.376m in 4MFY25 from $19.861m over the last year, a decline of 27.62pc. However, Pakistan’s exports to Brazil declined by 0.77pc to $44.727m this year from $45.075m over the last year.
Pakistan’s exports to Uruguay stood at $2.271m in 4MFY25 against $2.636m over the last year, showing a decline of 13.84pc. According to SBP, the US remained Pakistan’s biggest export destination in the region.
The imports from South America stood at $296.663m during 4MFY25 against $158.786m over the previous year, showing an increase of 86.83pc. South America is the second biggest import destination in the continent after North America.
Published in Dawn, December 1st, 2024