China remain top source of imports for Pakistan in fiscal year 2023-24: SBP

Islamabad: Among top trading partners, China remained the top source of imports for Pakistan during the fiscal year 2023-24, official data released by the State Bank of Pakistan said.

According to the SBP, the total imports from China during the year went up by 39.8% YoY (year-on-year) to US $13.51 billion, as compared to US $9.66 billion recorded a year earlier.

This was followed by the United Arab Emirates as Pakistan imported goods worth US $5.03bn from the country as compared to the imports of US $5.37bn recorded in the previous year, depicting a decline of 6.3% YoY.

Saudi Arabia was the third on the list as Pakistan imported products worth $4.49bn from the country. This figure was down by 0.3% from the imports of $4.51bn in FY23.

Qatar was the fourth in line as imports came from the region during the year were $3.35bn, depicting a decrease of 13.5% YoY.

Among other countries, Pakistan’s imports from Singapore stood at $2.46bn, marking a drop of 10.9% YoY, while imports from Indonesia decreased by 8.5% YoY to $2.42bn.

Moreover, the imports from U. S. A. stood at $1.88bn, down by 15.3% YoY.