Pakistan's Exports To USA Decline By 3.58% During FY 2020

Pakistan's exports of goods and services to United State of America (USA) witnessed decrease of 3.58 percent during the fiscal year (2019-20) compared to the corresponding period of last year, State Bank of Pakistan (SBP) reported

ISLAMABAD, (UrduPoint / Pakistan Point News - 7th Aug, 2020 ):Pakistan's exports of goods and services to United State of America (USA) witnessed decrease of 3.58 percent during the fiscal year (2019-20) compared to the corresponding period of last year, State Bank of Pakistan (SBP) reported.

The overall exports to USA were recorded at $3897.852 million during July-June (2019-20) against exports of $4042.701 million during July-June (2018-19), showing negative growth of 3.58 percent, SBP data revealed.

Meanwhile, on year-on-year basis, the exports to USA also decreased by 2.01 percent by going down from $ 315.311 million during June 2019 against the exports of $308.969 million in June 2020.

On month-on-month basis the export to USA however witnessed grew of 30.06 percent in June 2020 as compared to the exports of $237.546 million in May 2020.

Overall Pakistan's exports to other countries witnessed decline of 7.22 percent during fiscal year under review, from $24.256 billion to $22.504 billion, the SBP data revealed.

On the other hand, the imports from USA into the country during fiscal year under review were recorded at $2261.

543 million against $2097.595 million last year, showing growth 7.81 percent during the period under review.

Meanwhile, on year-on-year basis, the imports from USA into the country also increased by 72.46 percent, by going up from $ 121.907 million during June 2019 against the exports of $210.249 million in June 2020.

On month-on-month basis the imports from USA also witnessed increase of 21.62 percent in June 2020 as compared to the exports of $172.861 million in May 2020.

The overall imports into the country decreased by 18.22 percent, from $51.869 billion to $42.418 billion, according to the data.

Based on the trade figures, the trade of goods and services with USA witnessed decrease of 15.87 percent in surplus during the fiscal year under review as compared to the corresponding period of last year.

The surplus during the period under review was recorded at $1636.309 million against $1945.106 million during same period of last year, showing negative growth of 15.87 percent, the data revealed.

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