Pak-US trade posts more than 23pc surplus in July: SBP

Karachi: Pakistan’s goods and services trade with the United States (US) witnessed a surplus of 23.21 percent during first month of current financial year (2022-23) as compared to the corresponding period of last fiscal year.

The trade surplus during the period under review was recorded at $335.091 million against $271.952 million last year, showing 23.21 percent growth.

The exports to the US were recorded at $499.686 million during July this year against $503.118 million during the same month last year, showing a nominal decline of 0.68 percent, the State Bank of Pakistan (SBP) data revealed.

Similarly, on-month-on-month basis, exports to the US also witnessed a decrease of 22.03 percent during July this year as compared to US $640.935 million in June the same year.

However, Pakistan’s overall exports showed an increase of 2.68 percent in first month, from $2235.039 million to $2295.027 million, the data showed.

On the other hand, the imports from the US this year were recorded at $164.595 million against $231.166 million of last year, witnessing a decrease of 22.78 percent in July.

On month-on-month basis, the imports from the US dropped by 51.29 percent during July this year as compared to US $337.964 million in June this year, the data further revealed.

However, the overall imports rose by 0.26 percent, from $5371.040 million to $5385.016 million.

SOURCE: APP