Pakistan's Exports to UK Show Positive Growth Trend

In the first ten months of the current fiscal year 2023-24, Pakistan's exports of goods and services to the United Kingdom (UK) have demonstrated a positive trend, as reported by the State Bank of Pakistan (SBP). The data reveals a 2.31 percent increase in exports to the UK compared to the same period last year, reaching US $1.683 billion from July to April 2023-24, up from US $1.645 billion in 2022-23.

Year-on-year comparisons also indicate growth, with April 2024 showing exports of $154.613 million, a rise from $151.111 million in April 2023. However, there was a 13.39 percent decrease in month-on-month exports in April 2024, dropping to $154.613 million from $178.517 million in March 2024.

Overall, Pakistan's exports to all countries increased by 10.64 percent in the first ten months, climbing from US $23.199 billion to US $25.669 billion. On the other hand, imports from the UK to Pakistan surged significantly during the same period, reaching US $695.909 million from US $512.171 million, marking a 35.87 percent increase in July-April 2023-24. Year-on-year, imports from the UK also saw a notable rise to US $43.003 million in April 2024, up from US $31.875 million in April 2023.

The increase in Pakistan's exports to the UK and other countries signifies a positive trend in the country's trade relations. While there have been fluctuations in month-on-month figures, the overall growth in exports is a promising sign for the economy. The rise in imports from the UK also indicates strengthening bilateral trade ties between the two nations. It will be crucial for Pakistan to continue focusing on enhancing its export capabilities to sustain and further boost its trade performance in the global market.