Pakistan’s goods and services trade with the United States (US) showed a surplus of 23.21 percent in the first month of the current financial year (1MFY23) against the corresponding period of the last fiscal year.
The trade surplus during the period under review was registered at $335.091 million compared to $271.952 million last year, indicating 23.21 percent growth.
The State Bank of Pakistan (SBP) data revealed that during July this year, the exports to the US were recorded at $499.686 million against $503.118 million during the corresponding month of last year, presenting a nominal decline of 0.68 percent.
On a month-on-month (MoM) basis, exports to the US also witnessed a decline of 22.03 percent during July 2022 against the US $640.935 million in June of the same year.
But, Pakistan’s overall exports witnessed a rise of 2.68 percent in the first month, from $2235.039 million to $2295.027 million, the data said.
Meanwhile, the imports from the United States this year were reported at $164.595 million against $231.166 million last year, showing a 22.78 percent trade decrease in July.
The data further revealed that on an MoM basis, the imports from the US decreased by 51.29 percent during July this year against the US $337.964 million in June this year.
However, there is a 0.26 percent increase in overall imports from $5371.040 million to $5385.016 million.
On the other hand, imports from the US during May 2022 also posted an increase of 13.28 percent from US $209.294 million last year to the US $237.092 million while on a month-on-month basis, the imports from the US dropped by 6.16 percent during May 2022 against the import of US $252.676 million in April 2022, as revealed by SBP data.
The overall imports grew 34.46 percent, from the US $47.970 billion to US $65.461 billion. The trade surplus during the period under review was registered at $3440.986 million compared to $2275.375 million during the same period of last year, showing a growth of 51.22 percent.