Pakistan’s exports to China increase by 39.44% in 5 months

Pakistan’s export of goods and services to China witnessed an increase of 39.44 per cent during the first five months of the current fiscal year (2023-24) as compared to the exports of the corresponding period of last year, State Bank of Pakistan (SBP) reported.

The overall exports to China were recorded at US $1223.532 million during July-November (2023-24) against exports of US $877.444 million during July-November (2022-23), SBP data revealed.

On a year-to-year basis, the exports to China also surged by 36.29 per cent from $199.058 million in November 2022, against the exports of $271.316 million in November 2023.

Meanwhile, on a month-on-month basis, the exports to China decreased by 14.90 per cent during November 2023 as compared to the exports of $318.842 million in October 2023, the SBP data revealed.

Overall Pakistan’s exports to other countries witnessed an increase of 4.99 per cent in the first five months, from US $11.915 billion to US $12.510 billion, the SBP data revealed.

On the other hand, the imports from China into the country during the months under review were recorded at US $4741.099 million against US $5045.390 million last year, showing a decline of 6.03 per cent in July-November (2023-24).

On a year-on-year basis, the imports for China witnessed an increase of 10.71 per cent from US $906.128 million in November 2022, against the imports of US $1003.248 million in November 2023.

On a month-on-month basis, the imports from China into the country witnessed a nominal increase of 0.99 per cent during November 2023, as compared to the imports of US $993.401 million during November 2023, according to the data.

The overall imports into the country witnessed a decrease of 16.02 per cent, from $25.341 billion to US $21.281 billion, according to the data.