That dollar amount results from a flatlining 0.5% increase compared to $50.1 billion five years earlier in 2019.
Year over year, Pakistan’s overall spending on imported goods plummeted by -29.2% from $71.1 billion during 2022.
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 imports paid for starting from the Pakistani rupee relatively more expensive.
Major International Suppliers for Pakistan’s Imported Products
The latest available country-specific data shows that 72.5% of products imported by Pakistan was supplied by exporters in: mainland China (23.4% of the Pakistani total), United Arab Emirates (9.6%), Saudi Arabia (8.9%), Indonesia (7%), Qatar (6.6%), Kuwait (3.8%), United States of America (3.3%), Singapore (2.2%), Japan (2%), Australia (1.9%), Iran (1.89%) and Russia (1.77%).
From a continental perspective, suppliers located in Asia provide over three-quarters (76.3%) of total Pakistani imported goods. Another 10.6% came from Europe.
Smaller percentages originated from sellers in Africa (5.3%), North America (4.2%), Oceania (2%) led by Australia and New Zealand, then Latin America (1.5%) excluding Mexico but including the Caribbean.
Given Pakistan’s population of 231.6 million people, its total $50.4 billion in 2023 imports translates to an estimated $220 in yearly product demand from every person in the South Asian country. That amount lags the average $310 per capita for 2022.
Pakistan’s Top 10 Imports
The following product groups represent the highest dollar value in Pakistan’s import purchases during 2023. Also shown is the percentage share each product category represents in terms of overall imports into Pakistan.
- Mineral fuels including oil: US$16.8 billion (33.4% of total imports)
- Electrical machinery, equipment: $3.6 billion (7.1%)
- Animal/vegetable fats, oils, waxes: $3.3 billion (6.6%)
- Iron, steel: $2.8 billion (5.5%)
- Machinery including computers: $2.7 billion (5.3%)
- Organic chemicals: $2.4 billion (4.9%)
- Plastics, plastic articles: $2.3 billion (4.5%)
- Oil seeds: $1.3 billion (2.6%)
- Vehicles: $1.2 billion (2.5%)
- Vegetables: $1.1 billion (2.1%)
Pakistan’s top 10 imports accounted for roughly three-quarters (74.4%) of the overall value of its product purchases from other countries.
None among the top 10 import categories posted spending increases from 2022 to 2023.
The most modest declines were for Pakistani purchases of imported oil seeds (down -0.2% from 2022), vegetables (down -1.9%) then electrical machinery and equipment (down -7.8%).
Please note that the results listed above are at the 2-digit Harmonized Tariff System code level. Information presented under the product group sections below is at the more granular 4-digit level.
Pakistan’s Main Mineral Fuels Imports Including Oil
In 2023, Pakistani importers spent the most on the following 10 subcategories of mineral fuels-related products.
- Processed petroleum oils: US$6.5 billion (down -41% from 2022)
- Crude oil: $4.8 billion (down -20%)
- Petroleum gases: $4.4 billion (down -17.6%)
- Coal, solid fuels made from coal: $821.6 million (down -62.6%)
- Lignite: $114.7 million (down -41.8%)
- Petroleum oil residues: $54.1 million (down -40.2%)
- Coke, semi-coke: $47.4 million (down -19.4%)
- Coal tar oils (high temperature distillation): $46.7 million (down -22.2%)
- Petroleum jelly, mineral waxes: $13.9 million (down -12.6%)
- Electrical energy: $13.8 million (down -71.9%)
Among these import subcategories, Pakistani purchases of petroleum jelly and mineral waxes: (down -12.6%), petroleum gases (down -17.6%) then coke or semi-coke (down -19.4%) fell at the slowest pace from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of mineral fuels-related goods among Pakistani businesses and consumers.
Pakistan’s Main Electronics Imports
In 2023, Pakistani importers spent the most on the following 10 subcategories of electrical machinery including consumer electronics.
- Phone devices including smartphones: US$1.2 billion (down -20.5% from 2022)
- Solar power diodes/semi-conductors: $1 billion (up 61.5%)
- Electrical converters/power units: $233.2 million (up 1.2%)
- Unrecorded sound media: $134.1 million (down -8.4%)
- TV/radio/radar device parts: $100.7 million (down -11.2%)
- Electric motors, generators: $85.1 million (down -37.4%)
- Electric generating sets, converters: $80.2 million (down -58%)
- Insulated wire/cable: $80.1 million (down -26.9%)
- Lower-voltage switches, fuses: $71.5 million (down -0.5%)
- Electric storage batteries: $67.8 million (down -36.9%)
Among these import subcategories, Pakistani purchases of solar power diodes or semi-conductors (up 61.5%) and electrical converters or power units (up 1.2%) grew from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of machinery -related imports among Pakistani businesses and consumers.
Pakistan’s Main Imports of Animal or Vegetable Fats and Oils
In 2023, Pakistani importers spent the most on the following 10 subcategories of animal or vegetable fats, oils and waxes.
- Palm oil: US$2.9 billion (down -23.7% from 2022)
- Soya-bean oil: $249.7 million (down -20.2%)
- Animal/vegetable hydrogenated fats, oils: $25.2 million (down -24.6%)
- Rape/colza/mustard oil: $23.8 million (up 73.2%)
- Margarine: $18.1 million (down -29.4%)
- Sun/safflower/cotton-seed oil: $16.4 million (up 99.6%)
- Olive oil: $8.1 million (down -36.3%)
- Coconut/palm/babassu oil: $7.9 million (down -57.1%)
- Glycerol (glycerine): $3.6 million (down -25.7%)
- Bovine, sheep or goat fats: $2 million (down -45.1%)
Among these import subcategories, Pakistani purchases of sunflower, safflower or cotton-seed oil (up 99.6%) and rape, colza or mustard oil (up 73.2%) grew from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported animal or vegetable fats, oils and waxes among Pakistani businesses and consumers.
Pakistan’s Main Iron and Steel Material Imports
In 2023, Pakistani importers spent the most on the following 10 subcategories of iron and steel.
- Iron or steel scrap: US$1.1 billion (down -40% from 2022)
- Hot-rolled iron or non-alloy steel products: $931.2 million (down -20.8%)
- Flat-rolled iron or non-alloy steel products (plated/coated): $283.8 million (down -20%)
- Flat-rolled stainless steel items: $136.8 million (down -5.5%)
- Cold-rolled iron or non-alloy steel products: $62.6 million (down -52.6%)
- Coiled other alloy steel bars, rods: $53.4 million (down -24%)
- Iron ferroalloys: $46.2 million (down -40.5%)
- Flat-rolled other alloy steel products: $43.9 million (down -55.8%)
- Iron ore reduced products: $39.4 million (down -14.5%)
- Flat-rolled thin alloy steel products: $23 million (up 15.5%)
Among these import subcategories, Pakistani purchases of flat-rolled thin alloy steel products was the lone gainer from 2022 to 2023 benefiting from a 15.5% advance from 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of iron and steel-related imports among Pakistani businesses and consumers.
See also Pakistan’s Top 10 Exports, India’s Top 10 Imports, India’s Top 10 Exports and 100 Best Imported Consumer Products to Sell in Pakistan
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on August 15, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on August 15, 2024
International Trade Centre, Trade Map. Accessed on August 15, 2024
Investopedia, Net Exports Definition. Accessed on August 15, 2024
Wikipedia, List of Companies of Pakistan. Accessed on August 15, 2024
Wikipedia, Pakistan. Accessed on August 15, 2024