Home HEADLINES Roughly fifty-percent of Pakistan’s $24.2 billion exports went to six countries in FY18

Roughly fifty-percent of Pakistan’s $24.2 billion exports went to six countries in FY18

Roughly fifty-percent of Pakistan’s $24.2 billion exports went to six countries in FY18

ISLAMABAD: Around 50 percent of the country’s entire $24.2 billion exports in FY18 were shipped to six countries, according to data released by the State Bank of Pakistan.

The United States remained the top destination for Pakistani exports fetching $3.9 billion receipts during the just concluded FY18, reported Express Tribune.

Central bank data disclosed that export shipments exhibited a rise during FY18. The US, UK, China, Afghanistan, UAE and Germany topped the destination list for Pakistani exports with receipts exceeding $1 billion of goods each in FY18.

Exports receipts only comprised 7.7 percent of the overall size of the economy, the fastest growth in exports was recorded to Sri Lanka, increasing 35.6 percent to $339 million, followed by Afghanistan which grew 30 percent to $1.5 billion.

US, the biggest economy globally received the highest amount of Pakistani exports, with over $3.86 billion in proceeds being received by the national exchequer.

Also, there was an increase of 4.8 percent in exports to the US during this period.

UK, which stood at the second spot for exports from Pakistan received $4.8 billion worth of shipments, exhibiting a 9.2 percent rise.

And China, the world’s second-largest economy was the country’s third biggest export destination receiving $1.74 billion worth of shipments, rising 7.3 percent from last FY17.

But imports from China ratcheted up at double the pace of exports reaching $11.5 billion.

Exports to Afghanistan fetched $1.47 billion of proceeds, a rise of $343 million or 30.2 percent placing it fourth on the list.

The fifth highest exports were shipped to UAE, which was recorded at $1.37 billion and posted a 29.5 percent growth during FY18.

The world’s fourth-largest economy Germany was the recipient of $1.36 billion of exports from Pakistan and recorded a double-digit growth during FY18.

Aside Iran, Pakistan’s exports to all neighbouring nations exhibited a growth and shipments to European Union member states rose 13.2 percent to $8.3 billion during FY18.

Exports from Pakistan to Latin America were recorded at a meagre $36.3 million in FY18, rising 9.3 percent compared from FY17.

Pakistan’s exports to South America rose 9.4 percent to $256.2 million and to Central American nations it grew 6.9 percent, touching $137.5 million.

The country’s exports to East Asian countries exhibited a rise of around 4 percent to $2.5 billion, predominantly because of exports to China.

And export receipts from North America were recorded at $4.1 billion, rising 5.2 percent.

Also, Pakistan’s exports to East European nations grew 18.6 percent, touching $536 million and exports to northern Europe rose 9.5 percent to $2.3 billion.

Pakistan’s exports to southern European nations grew 18.2 percent, touching $2.1 billion and to western Europe by 14 percent to $3.4 billion.