Islamabad, 13th Feb 2024(WAI): Pakistan’s export landscape witnessed significant changes in the first half of the 2023/24 fiscal year, according to data released by the Trade Development Authority of Pakistan (TDAP) on Monday.
Exports to high-priced European and North American markets experienced a decline during this period, contrasting with China maintaining its position as Pakistan’s top trading partner. Chinese imports from Pakistan surged by an impressive 66 percent in the July-December timeframe, solidifying the country’s importance in Pakistan’s export market.
Traditional strong markets like the United States bought less stuff from Pakistan than before, which changed how Pakistan sells its goods. But the United Kingdom bought more Pakistani goods, which was good news, especially since other European countries like Germany, Netherlands, Italy, Spain, France, and Belgium didn’t buy as much.
Besides Europe, Pakistan sold different amounts of goods to other regions. Middle Eastern countries like Saudi Arabia bought a lot more, but the 4purchased a bit less. South Asian markets were mixed, with Afghanistan and Bangladesh buying less while Sri Lanka buying more.
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Countries like the Philippines, Indonesia, Malaysia, and Vietnam bought more stuff from Pakistan in the Far East. In Africa, Tanzania purchased a lot more, but Kenya bought a little less.
Despite these fluctuations, Pakistan’s total exports amounted to $14.981 billion, marking a 5.17 percent growth compared to last fiscal year. Major export categories included textiles & leather, agro & food, minerals & petroleum, metals, gems & other precious metals, chemicals, fertilizers & pharmaceuticals, each experiencing its own challenges and opportunities.
The first half of the fiscal year has provided valuable insights into Pakistan’s evolving export dynamics, highlighting the importance of adapting to changing global trade patterns and diversifying export destinations for sustained growth.
Political Analyst | M.Phil. Scholar
