That dollar amount reflects a 20.7% increase compared to $23.8 billion five years earlier in 2019.
From 2022 to 2023, the total value of Pakistani exports declined -7.8% starting from $31.2 billion.
Based on the average exchange rate for 2023 on a Purchasing Power Parity basis, the Pakistani rupee dropped by -86.9% against the US dollar since 2019 and diluted by -36.8% from 2022 to 2023. Pakistan’s weaker local currency makes Pakistani exports paid for in stronger US dollars relatively less expensive for international buyers.
Pakistan’s Best Exports Customers
The latest available country-specific data shows that 68.3% of products exported from Pakistan was bought by importers in: United States of America (17.4% of the Pakistani total), mainland China (9.5%), United Kingdom (6.9%), Germany (5.3%), Netherlands (5%), Spain (4.92%), United Arab Emirates (4.88%), Italy (4%), Afghanistan (3.4%), Bangladesh (2.4%), Belgium (2.36%) and Saudi Arabia (2.2%).
From a continental perspective, 36.3% of Pakistan’s exports by value was delivered to European countries while 35.6% was sold to importers in Asia. Pakistan shipped another 19.1% worth of goods to North America.
Smaller percentages went to customers in Africa (6.3%), Latin America excluding Mexico but including the Caribbean (1.6%) then Oceania (1.1%) led by Australia and New Zealand.
Given Pakistan’s population of 231.6 million people, its total $28.7 billion in 2023 exports translates to $125 for every resident in the densely populated South Asian nation. That dollar metric lags the average $140 per capita in 2022.
Pakistan’s Top 10 Exports
The following export product groups categorize the highest dollar value in Pakistani global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Pakistan.
- Miscellaneous textiles, worn clothing: US$5 billion (17.3% of total exports)
- Knit or crochet clothing, accessories: $4.2 billion (14.5%)
- Clothing, accessories (not knit or crochet): $3.3 billion (11.6%)
- Cereals: $3.2 billion (11.2%)
- Cotton: $3.1 billion (10.6%)
- Copper: $772.2 million (2.7%)
- Leather/animal gut articles: $632.1 million (2.2%)
- Oil seeds: $536.8 million (1.9%)
- Beverages, spirits, vinegar: $481.6 million (1.7%)
- Meat: $476.1 million (1.7%)
Pakistan’s top 10 exports generated about three-quarters (75.3%) of the overall value of Pakistani global shipments.
Oil seeds was the fastest grower among the top 10 export categories, up by 140.2% from 2022 to 2023.
In second place for improving export sales was meat via a 24.9% gain.
Pakistan’s shipments of cereals posted the remaining appreciation up by 22.5%, propelled by greater sales of rice and corn.
The leading decliner among Pakistan’s top 10 export categories was beverages, spirits and vinegar, thanks to a -18.7% year-over-year drop.
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level.
For a more granular view of exported goods at the four-digit HTS code level, see the section Searchable List of Pakistan’s Most Valuable Export Products further down near the bottom of this article.
Products Generating Trade Surpluses for Pakistan
The following types of Pakistani product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Miscellaneous textiles, worn clothing: US$4.6 billion (Down by -11.9% since 2022)
- Knit or crochet clothing, accessories: $4.1 billion (Down by -18.6%)
- Clothing, accessories (not knit or crochet): $3.3 billion (Down by -15.3%)
- Cereals: $2.3 billion (Up by 47.5%)
- Cotton: $2.1 billion (Up by 55.1%)
- Copper: $622.9 million (Up by 4.2%)
- Leather/animal gut articles: $619.5 million (Down by -13.6%)
- Beverages, spirits, vinegar: $475.7 million (Down by -18.7%)
- Meat: $474.9 million (Up by 25.4%)
- Fish: $458.8 million (Up by 5.6%)
Pakistan has highly positive net exports in the international trade of clothing-related products. In turn, these cashflows indicate Pakistan’s strong competitive advantages under various clothing-related categories.
Products Causing Trade Deficits for Pakistan
Overall Pakistan recorded an estimated -US$21.3 billion trade deficit during 2023. That dollar amount results from a -46.7% reduction from -$39.9 billion in red ink one year earlier in 2022.
Below are exports from Pakistan that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Pakistan’s goods trail Pakistani importer spending on foreign products.
- Mineral fuels including oil: -US$16.5 billion (Down by -33% since 2022)
- Electrical machinery, equipment: -$3.5 billion (Down by -8.1%)
- Animal/vegetable fats, oils, waxes: -$3.2 billion (Down by -22.9%)
- Iron, steel: -$2.7 billion (Down by -32%)
- Machinery including computers: -$2.43 billion (Down by -41.3%)
- Organic chemicals: -$2.42 billion (Down by -26.8%)
- Plastics, plastic articles: -$1.9 billion (Down by -27.9%)
- Vehicles: -$1.2 billion (Down by -55.4%)
- Other chemical goods: -$830.5 million (Down by -14.6%)
- Vegetables: -$795.6 million (Down by -0.5%)
Pakistan has highly negative net exports and therefore deep international trade deficits for mineral fuels including oil. Notably red ink flowed for Pakistani trade for crude or refined petroleum oils and gas.
Pakistan’s Major Export Companies
Based on Forbes Global 2000 rankings, the following are examples of world-class Pakistani companies.
- Oil & Gas Development (petroleum operations)
- Pakistan State Oil (petroleum operations)
Wikipedia also lists businesses headquartered in Pakistan that export their products. Selected examples are shown below.
- Dalda (vegetable oil)
- Engro Corporation (fertilizers, petrochemicals)
- Ghani Automobile Industries (motorcycles)
- Ittefaq Group (steel)
- Ittehad Chemicals Limited (chemicals)
- Khaadi (hand-woven clothing)
- Madina Sugar Mills (PVT) Limited (sugar)
- Master Motors (truck manufacturer)
- Murree Brewery (beverages)
- Servis Tyres (tire maker)
Searchable List of Pakistan’s Most Valuable Export Products in 2023
At the more granular four-digit HTS code level, the following searchable table displays 100 of the most in-demand goods shipped from Pakistan during 2023. Shown beside each product label is its total export value then the percentage increase or decrease since 2022.
These 100 top exported goods were worth a subtotal of US$26.2 billion or 91.2% by value for all products exported from Pakistan during 2023.
In macroeconomic terms, Pakistan’s total exported goods represent 1.8% of its overall Gross Domestic Product for 2023 ($1.572 trillion valued in Purchasing Power Parity US dollars). That 1.8% for exports to overall GDP per PPP in 2023 compares to 2.1% for 2022. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Pakistan’s total economic performance, albeit based on a relatively short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Pakistan’s unemployment rate averaged 6.2% for 2023 down from an average 8.5% in 2022, according to metrics from the International Monetary Fund.
See also Pakistan’s Top Trading Partners, Pakistan’s Top 10 Imports and Top Asian Export Countries
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on June 25, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on June 25, 2024
International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on June 25, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on June 25, 2024
International Trade Centre, Trade Map. Accessed on June 25, 2024
Investopedia, Net Exports Definition. Accessed on June 25, 2024
Organisation for Economic Co-operation and Development (OECD), Purchasing power parities (PPP). Accessed on June 25, 2024
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on June 25, 2024
Wikipedia, Gross domestic product. Accessed on June 25, 2024
Wikipedia, List of Companies of Pakistan. Accessed on June 25, 2024
Wikipedia, Purchasing power parity. Accessed on June 25, 2024
Wikipedia, Pakistan. Accessed on June 25, 2024