Pakistan Witnesses a 5.16% Surge in Exports to China During FY 2023-24's First Two Months
Pakistan has reported a notable increase in its exports to China during the first two months of the fiscal year 2023-24, recording a 5.16% growth, according to data from the State Bank of Pakistan. Exports to China reached $350.297 million, marking a 25.09% yearly increase, with August 2023 showing a remarkable 31.42% monthly growth compared to the previous year.
Karobar
In the fiscal year 2023-24, Pakistan's trade relations with China are off to an encouraging start, with exports of goods and services to China witnessing a robust 5.16% increase. The latest data from the State Bank of Pakistan reveals that exports reached $350.297 million, marking a significant leap from the previous year's figure of $333.077 million.
August 2023: A Milestone Month:
The momentum continued into August 2023, where exports to China hit $198.932 million, an impressive 31.42% monthly growth compared to the $159.021 million recorded in August 2022. In contrast, Pakistan's exports to other countries experienced an 8.26% decrease during the same period, declining from $4.951 billion to $4.541 billion.
Zooming out to an annual perspective, the surge in exports to China is even more remarkable, boasting a 25.09% increase compared to the previous year. In August 2022, exports stood at $159.021 million, but by August 2023, they had soared to $198.932 million. This signals a significant boost in Pakistan's trade relationship with China within a relatively short timeframe.
Consistent Growth Trajectory:
It's noteworthy that the growth in exports to China in August 2023 surpassed the figures from the preceding month, July 2023, which totaled $151.365 million. This points to a consistent upward trajectory in trade between the two nations. However, while exports to China flourish, Pakistan's overall exports to other countries continue to face challenges, experiencing an 8.26% decline during the same period, falling from $4.951 billion to $4.541 billion.
In addition to the positive export performance, Pakistan's imports also underwent a significant transformation with a notable 26.01% decline. This shift in the trade balance highlights the potential for Pakistan to further strengthen its economic ties with China, potentially benefiting both nations.
Pakistan's burgeoning trade with China in the fiscal year 2023-24 is a shining example of economic cooperation between nations. With exports to China on the rise and imports experiencing a significant reduction, this trend opens doors to enhanced collaboration and economic prosperity for both Pakistan and China. As these promising numbers continue to unfold, the world will be watching closely to see how this partnership develops in the coming months and years.
