Pakistan exports saw an impressive growth of 22% in 2023

 

Pakistan exports saw an impressive growth of 22% in 2023

Pakistan exports have seen a significant improvement in this financial year 2023. Pakistan customs data shows that Pakistan's total exports were recorded to be $2.4 billion during August 2023. During July 2023, the exports were $2 billion. Pakistan’s overall exports are around $28 billion in FY 2023. There was a growth of 22% reflected in the exports of Pakistan. The Knitwear items were the top export commodity from Pakistan. Textiles account for over 60% share in the country’s overall exports.    

Pakistan's total knitwear exports were recorded to be $1.2 billion during last month. Earlier in July 2023, it fell by 11% to $1.2 billion. In May 2023, the textiles sales were around $1.4 billion. Whereas other important commodities like cotton cloth, bedwear, readymade garments and towels sales also declined to a significant amount. 


As per Pakistan import export data, cotton cloth exports fell by 22% to $138 million. Bedwear, readymade garments and towels items reduced to $218 million, $275 million and $71 million respectively during July 2023. Pakistan's textiles exports growth depends mostly on the imports by the United States, Turkey, European Union, United Kingdom and United Arab Emirates.


On the other hand, cotton yarn exports were 35% up and stood around $98 million in July 2023 as compared to last year's exports. In the food sector, the exports fell by 7% and reached only $331 million in July. Also, there was a decline of 15% in rice exports and was recorded to be $118 million in July 2023. So far, the rice exports had earned over $2.4 billion for Pakistan. The majority of rice export shipments were made to China, Malaysia and the United Arab Emirates.


Whereas, the marine exports increased by 2.3% during July 2023 and totaled to be $18.5 million while fruits sales rose to $35 million in the same period. In terms of meat exports, Pakistan recorded maximum meat export shipments. As per Pakistan import export data, the country's overall meat exports recorded to be 100198 tonnes. Pakistan's total meat export earnings were calculated to be $431 million in FY 2023 as compared to $334 million in FY 2022. So far, the key importers are Egypt, Malaysia, Iran, Jordan and Afghanistan.


Surgical goods, chemicals, pharmaceuticals, and cement exports saw positive growth of 10%, 2%. 3% and 25% respectively. Whereas, sports items exports decreased by 10% to $25 million in July 2023. The most favoured markets for these products were the United States, United kingdom, Netherlands, Spain and Germany.

On the other hand, Pakistan's imports stood at around $55 billion in FY 2023. Pakistan has reduced its imports by a strong margin as it was $80 billion last year. Pakistan import data reflects that crude oil imports were down to 11%  and petroleum products declined by 35% during July. Although, there was an increase in the imports of LPG and electrical machinery by 2% and 28% respectively.


Import-Export business owners from Pakistan can now expand their sales through an expert market intelligence platform like Exim Global import export data provider. It is the most innovative market research tool through which Pakistan business owners can find their product demand in the international market and pitch genuine buyers. They can get tons of verified buyers from the international market and increase their sales. They could explore over 200+ countries import export data reports for better research.

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