Pakistan's Exports to China Surge by 26.42% in Three Months
Pakistan's exports to China have shown remarkable growth, rising by 26.42% during the first three months of the current fiscal year, as reported by the State Bank of Pakistan (SBP). This substantial increase demonstrates Pakistan's strengthening economic ties with China.
Karobar
During the period from July to September 2023, Pakistan's export of goods and services to China reached a total of US $633 million, a significant increase from the US $501 million recorded during the same period in the previous fiscal year (2022-23).
The SBP's data revealed that the overall exports to China during July-September (2023-24) amounted to US $633.374 million, indicating a substantial growth of 26.42%. This surge in exports is a testament to the strengthening trade relations between the two nations. Notably, the year-on-year comparison showed a remarkable increase of 68.57%, with exports to China increasing from $167.923 million in September 2022 to $283.077 million in September 2023.
Furthermore, looking at a month-on-month basis, Pakistan's exports to China experienced an impressive rise of 42.29% in September 2023 when compared to the exports of $198.932 million in August 2023.
However, it's essential to note that while Pakistan's exports to China soared, the overall exports to other countries witnessed a slight decrease of 4.96% in the first three months, decreasing from US $7.385 billion to US $7.018 billion, according to the SBP data.
In terms of imports, the data also highlights a noteworthy trend. Pakistan's imports from China during the same period amounted to US $2.744 billion, showing a decline of 15.11% in July-September (2023-24) compared to the previous year when imports were recorded at US $3.233 billion.
On a year-on-year basis, the imports from China increased by 2.92% from US $855.975 million in September 2022 to US $880.972 million in September 2023. However, looking at a month-on-month basis, imports from China decreased by 2.14% in September 2023 when compared to the imports of US $900.289 million in August 2023.
In the broader context of imports, Pakistan experienced a decrease of 23.81% in overall imports, falling from $16.355 billion to US $12.460 billion, as indicated by the data.
This dynamic shift in trade figures reflects Pakistan's growing export activity with China, coupled with a decrease in overall imports, contributing to a notable economic adjustment.
