Pakistan reveals top trading countries

The United States remained Pakistan’s first export destination, during 11 months of the current fiscal year (2022-2023), followed by China and the United Kingdom.

Pakistan’s central bank reported that the total exports to the United States from July to May 2022-23 amounted to $5,481bn, compared to $6,162bn from July to May 2021-22, a decline of 11.05%.

China finished second, with Pakistan exporting goods worth $1.891 billion compared to $2.544 billion last year, a decline of 25.64%.

The Central Bank said the UK was in third place, with Pakistan exporting goods worth $1.806 billion during the months under review compared to exports of $2.011 billion last year, a decline of 10.21%.

Pakistan, which must repay some $22 billion in external debt in fiscal year 2024, is racing to obtain loans from the International Monetary Fund (IMF) to avoid default. Its economic growth slowed sharply to 0.29% for the year to June, one of the lowest in its history.