Pakistan’s records massive increase in its exports to China

BEIJING/ISLAMABAD-Pakistan’s exports to China crossed $312.33 million in December 2020, shows the official data from the General Administration of Customs of the People’s Republic of China (GACC).

Exports increased by 41% on a year-on-year basis last December, according to GACC figures received by Pakistan.

Despite the epidemic of COVID-19, bilateral trade has increased significantly. Pakistan’s exports stood at $312.33 million in December 2020, up 41 percent from $221 million in the same month of the previous year, which grew for six consecutive months, China Economic Net (CEN) reported.

Last month, Adviser to Prime Minister on Commerce and Investment, Abdul Razak Dawood announced via Twitter that Pakistan’s export to China registered an increase of 30% in November 2020. Pakistan made the highest gain in December 2020 when its export volume was $312.33 million against total exports to China. Overall, from January to December 2020, China’s imports from Pakistan counted $2.12 billion irrespective of COVID-19 that impacted fiscal 2020. This year China’s export to Pakistan decreased 4.95 percent amounting to $15.36 billion as compared to the previous year which was $ 16.17 billion.

The total volume of trade between China and Pakistan was decreased by 2.69 percent amounting to $17.49 billion as compared to 2019 which was $17.97 billion due to COVID-19.

In the fourth quarter, China’s imports rose 44% from the previous year to $695.63 million, while the overall imports and exports in last quarter increased 4% amounting to $5.46 billion whereas in the last year it was $5.27 billion.

Among the growth of trade in major products between the two countries, textiles, seafood and agricultural products have increased year on year, which has promoted Pakistan’s economic recovery and increased its exports to China.

US, UK, China top three destinations of Pakistani exports in 1st half

United States of America (USA) remained the top export destination of the Pakistani products during the first half of financial year (2020-21), followed by United Kingdom (UK) and China. Total exports to the USA during July-December (2020-21) were recorded at $ 2280.318 million against the exports of $2074.080 million during July-December (2019-20), showing growth of 9.94 percent, according to State Bank of Pakistan (SBP). This was followed by UK, wherein Pakistan exported goods worth $956.498 million against the exports of $ 863.333 million last year, showing increase of 10.79 percent.

China was the at third top export destination, where Pakistan exported products worth $837.912 million during the months under review against the exports of $936.858 million during last year, showing decline of 10.56 percent, SBP data revealed. Among other countries, Pakistani exports to Germany stood at $748.793 million against $670.934 million during last year, showing increase of 11.60 percent while the exports to UAE were recorded at $697.154 million against $827.731 million last year, the data revealed.

During July-December (2020-21), the exports to Holland were recorded at $516.107 million against $502.087 million whereas the exports to Afghanistan stood at $450.243 million against $543.159 million.

Pakistan’s exports to Italy were recorded at $355.294 million against the exports of $386.969 million while the exports to Spain were recorded at $362.753 million against $445.086 million last year.

The exports to Bangladesh stood at $274.246 million against $369.313 million. Similarly, the exports to France during the months under review were recorded at $212.560 million against $222.013 million while the exports to Saudi Arabia stood at $244.221 million against $243.201 million. Pakistan’s exports to Turkey were recorded at $124.498 million during the current year compared to $148.465 million last year whereas the exports to Canada stood at $143.398 million against $143.242 million, to Poland $141.437 million against $131.912 million whereas the exports to Australia stood at $119.698 million during the current year against $99.698 million during last year. The overall imports into the all countries increased by 4.83 percent, from $22.136 billion to $23.207 billion, according to the data.