Over 23pc surplus witnessed in Pak-US trade: SBP

Pakistan’s goods and services trade with the United States (US) witnessed a surplus of 23.21 percent during the first month of the current financial year (2022-23) as compared to the corresponding period of the last fiscal year, APP reported, citing data from the State Bank of Pakistan (SBP).

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, SBP said.

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 the US $640.935 million in June the same year.

However, Pakistan’s overall exports showed an increase of 2.68 percent in the 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 last year, witnessing a decrease of 22.78 percent in July.

On a month-on-month basis, the imports from the US dropped by 51.29 percent during July this year as compared to the 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.