Pakistan’s exports of goods and services to the United States experienced a significant decline of 10.38% during the initial eight months of the fiscal year 2023-24, according to a report by the State Bank of Pakistan (SBP).
Data reveals that exports to the US amounted to US $3,626.141 million from July to February 2023-24, compared to US $4,046.337 million during the same period in 2022-23.
Similarly, exports witnessed a year-on-year reduction of 10.97% in February 2024, dropping from $476.804 million to $424.497 million. Conversely, Pakistan’s overall exports to other countries saw a positive trajectory, increasing by 10.15% in the first five months of the fiscal year.
Meanwhile, imports from the US showed a decline of 17.09% compared to the previous fiscal year, amounting to US $1,191.518 million.
Despite a year-on-year decrease in imports from the US in February 2024, there was a month-on-month increase, signaling mixed trends in trade dynamics. Overall, Pakistan’s imports experienced a decrease of 8.76%, totaling US $34.079 billion.