US remains top buyer of Pakistani exports
The United States remained the top export destination for Pakistani products during the first eleven months of the current fiscal year 2024-25, followed by China and the United Kingdom, according to data released by the State Bank of Pakistan (SBP).
Total exports to the US during July-May 2024-25 were recorded at $5,552.615 million, compared to $4,999.608 million during the same period in 2023-24, marking an increase of 11.06%.
China ranked second, with Pakistani exports amounting to $2,270.032 million, down from $2,556.126 million last year, showing a decline of 11.19%.
The United Kingdom was the third-largest export market, with exports reaching $1,985.167 million during the review period, compared to $1,863.566 million the previous year, according to SBP data.
Among other countries, exports to the United Arab Emirates were recorded at $1,979.847 million, up from $1,879.640 million last year. Exports to Germany stood at $1,549.055 million, compared to $1,383.763 million a year earlier.
Exports to the Netherlands (Holland) totalled $1,384.521 million, up from $1,275.110 million, while those to Italy were recorded at $1,046.224 million, slightly higher than last year's $1,032.472 million.
Exports to Spain reached $1,354.836 million, compared to $1,334.277 million last year. Meanwhile, exports to Afghanistan were significantly higher, rising to $723.442 million from $511.627 million a year ago.
Exports to Bangladesh also showed growth, reaching $728.303 million compared to $599.650 million last year.
Similarly, exports to France during the review period stood at $520.389 million, up from $464.879 million, while exports to Belgium were recorded at $498.080 million, slightly lower than last year's $506.598 million.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
33 minutes ago
- Business Recorder
TOMCL becomes first Pakistani-listed firm to export beef casings to Europe
In a key development for the country's meat industry, The Organic Meat Company Limited (TOMCL), a Pakistani meat processor, has become the first publicly listed Pakistani company to export beef casings to Europe. The company shared the development in a notice to the Pakistan Stock Exchange (PSX) on Thursday. 'We are delighted to announce that TOMCL has proudly become the first Pakistani-listed company to successfully export beef casings to Europe,' read the notice. 'This groundbreaking achievement marks a significant milestone not only for the company but also for Pakistan's meat processing and export industry. 'This inaugural export positions the company on the global map as a trusted supplier in the high-potential European market and opens up exciting new avenues for export growth. It reflects our continuous efforts to diversify our product range and expand our international footprint,' it added. TOMCL boosts frozen beef production, targets rising demand in China Incorporated in Pakistan as a private limited company in 2010, TOMCL is engaged in the processing and sale of halal meat and allied products. It is also one of the leading exporters of red meat and meat by-products. Middle Eastern countries are TOMCL's major export market. However, the company has added pet food raw materials to its portfolio, enabling it to tap the US and Europe as well. The company also has significant business in the Far East, the Commonwealth of Independent States and South Asian markets. In 2021, the Chinese customs authorities approved TOMCL to export heat-treated beef to China. It also claims to be the first Pakistani company to initiate the export of vacuum-packed fresh beef meat and the only company in the region owning the technology to vacuum pack or blast freeze mutton and quarter beef carcasses.
Express Tribune
2 hours ago
- Express Tribune
PPP hardens stance on 'draconian powers' for taxman
The Pakistan Peoples Party has refused to vote in favour of new "draconian" powers for taxman to arrest people in tax fraud cases, resulting in a new round of negotiations between the two key partners of the alliance just hours before the approval of the budget from the National Assembly. On behalf of the government, Deputy Prime Minister Ishaq Dar has reached out to the top PPP leadership who was hopeful to resolve the issue before the approval of the budget. The government was hopeful that after adding some more safeguards, the PPP may vote for the arrest powers amendment in the Finance Bill today (Thursday) The sources told The Express Tribune that the top leadership of the PPP conveyed to the government on Wednesday it would not vote to give arrest powers to the Federal Board of Revenue in spite of inclusion of new safeguards to have a check on these powers. The government cannot get the budget passed from the National Assembly without the support of the PPP. On June 12, the government proposed in the budget that the FBR can arrest people in tax fraud cases. During discussions on the budget in the National as well as Senate standing committees on finance the additional safeguards were introduced to stop the misuse of these powers. These safeguards had been proposed by the PPP. Despite the additional safeguards, the FBR cannot be trusted; a senior PPP negotiator told The Express Tribune on condition of anonymity. The real issue was the trust on the FBR, he added. The development surfaced a day before the approval of the budget by the National Assembly, which is scheduled to approve it on Thursday (today). The sources said that on behalf of the government Deputy Prime Minister Ishaq Dar contacted top PPP leadership. "I am back in Islamabad and we will resolve it soon Insha'Allah," said Ishaq Dar while talking to The Express Tribune. Dar was in the United Arab Emirates where he reached an understanding with the UAE rulers to address the serious issue of denying visas to Pakistani government officials. Dar said that he was in contact with the President Asif Ali Zardari and the other PPP leadership. The matter regarding the arrest powers will be addressed before the approval of the budget, said the Deputy Prime Minister. During deliberations on the budget, the chairman National Assembly Standing Committee on Finance Syed Naveed Qamar had termed the powers to arrest as "draconian". A few members of the committee equated the FBR with the National Accountability Bureau. On the complaints from the businesses, the Prime Minister Shehbaz Sharif had also constituted a committee to include checks on these powers. Tax fraud has been defined as: "knowingly, intentionally or dishonestly doing any act or abets any action to cause loss of tax under this Act, including: using or preparing false, forged and fictitious documents including return, statements, annexures and invoices; false claim of input tax credit based on fictitious transactions; issuance of any tax invoice without supply of goods; tampering with or destroying of any material evidence or documents required to be maintained; generating fake input through manipulation of return filing system of the Board and making fake entries in the sales tax returns or in the annexures; and making fictitious compliance of section 73, including routing of payments back to the registered person, or for the benefit of the registered person, through a bank account held by a supplier or a purported supplier." Upon committing any of the above offences, the FBR will have the authority to arrest the individual without first seeking a warrant from any court of law, according to the proposed powers. When contacted, FBR spokesman Dr Najeeb Memon said that the updated bill has already been submitted in the National Assembly by its standing committee on finance and the decision now rests with the assembly. Unlike in the past, when the government would submit the updated bill in the National Assembly, this time the standing committee securitized the budget where FBR also proposed additional revenue measures of Rs36 billion. In the budget, the government had proposed a total Rs435 billion new tax measures, which after the adjustments has now increased to Rs463 billion. The Chairman FBR Rashid Langrial said that describing the Rs36 billion additional measures as mini-budget was not correct since the Parliament has not yet approved the Finance Act. The FBR chairman had told the standing committee last week that the criminality of tax fraud has been divided into two parts. In some cases, court permission will be required before an arrest is made. He explained that crimes such as suppression of taxable supplies under the Sales Tax Act, suppression or nonpayment of withholding tax for more than three months, dealing in goods liable to confiscation and making taxable supplies without registration will require court approval for arrest. According to the proposal, an Inland Revenue officer not below the rank of assistant commissioner — or any officer authorised by the board – may initiate an inquiry upon approval from the commissioner, if there is material evidence pointing to the commission of tax fraud or an offence warranting prosecution under the act. The inquiry officer shall have the powers of a civil court under the Code of Civil Procedure, 1908, including summoning and enforcing attendance of any person, examining on oath, requiring discovery and production of documents and receiving evidence on affidavits. The inquiry officer must complete the inquiry within six months. During proceedings, the officer must provide the accused with a chance to be heard and confront them with details of the alleged fraud. A final report will then be submitted to the commissioner, who may either approve a full investigation, request further details, or close the matter. Upon approval, the investigation must be completed within three months. The board may authorise a commissioner — through a three-member committee notified by the chairman — to issue an arrest warrant if the tax loss exceeds Rs50 million. Arrests will only be made if the accused fails to respond to three notices, attempts to flee, or is likely to tamper with evidence.
Business Recorder
4 hours ago
- Business Recorder
US diplomat highlights potential of Reko Diq copper and gold mine
ISLAMABAD: The US Deputy Chief of Mission to Pakistan Natalie Baker said on Wednesday that the massive Reko Diq copper and gold mine is expected to generate more than $75 billion in profits over its lifetime and drive nearly $1 billion in US exports in equipment and services. Speaking during a webinar on business opportunities in Pakistan's critical minerals sector, Baker called the mine a world-class project and a key example of US-Pakistan cooperation. 'It demonstrates the impact of decades of collaboration between the US and Pakistan – beginning with a joint geological survey in 1961 that first discovered the copper and gold deposits in that part of Balochistan,' she said. Baker emphasised that Pakistan's critical minerals sector offers 'immense potential' for both countries, presenting opportunities for economic growth, innovation, and investment. 'Pakistan's diverse geological landscape is home to vast mineral deposits, including copper, gold, lithium, and antimony,' she said, adding that Pakistan had taken important steps to improve its business climate, making it easier for international firms to enter the market. She said such reforms would allow international investors and local communities alike to benefit from Pakistan's large-scale mining potential. The acting ambassador said the US Mission in Pakistan was committed to strengthening economic ties and helping US firms engage with the Pakistani market. 'Our embassy and consulates are here to support American companies by connecting them with local partners and ensuring they have the resources and information they need to succeed,' she said. 'We are committed to facilitating investment, promoting trade, and advocating for policies to improve the business environment,' she added. Baker noted that American firms had already taken part in the Reko Diq project, particularly in engineering and mining equipment. 'The many new projects underway will bring increased demand for modern geophysical surveys, infrastructure development, and project management – areas where American companies are uniquely positioned to contribute,' she said. She added that Pakistani mining companies were exploring new, highly prospective license areas, including copper and gold near Reko Diq and antimony elsewhere, and were actively seeking international partners. 'In recent years, we've seen significant progress in our economic relationship,' she said. 'US investors have made substantial contributions to Pakistan's development, and we are confident that the critical minerals sector will be another success story.' Concluding her remarks, Baker encouraged US businesses to seize emerging opportunities in the minerals sector. 'I encourage all of you to take advantage of the opportunities presented today. Engage with the experts, ask questions, and explore how your businesses can contribute to and benefit from Pakistan's critical minerals sector,' she said. 'The US Mission is here to assist you every step of the way.' Copyright Business Recorder, 2025
