Pakistan’s exports to China increase by 42% in 8 months

Pakistan’s export of goods and services to China witnessed an increase of 42.02 per cent during the first eight 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 $1895.720 million during July-February (2023-24) against exports of US $1334.804 million during July-February (2022-23), SBP data revealed.

On a year-to-year basis, the exports to China also surged by 20.60 per cent from $140.166 million in February 2023, against the exports of $169.041 million in February 2024.

Meanwhile, on a month-on-month basis, the exports to China decreased by 31.05 per cent during February 2024 as compared to the exports of $245.169 million in January 2024, the SBP data revealed.

Overall Pakistan’s exports to other countries witnessed an increase of 10.15 per cent in the first eight months, from US $18.643 billion to US $20.537 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 $8105.831 million against US $7065.406 million last year, showing an increase of 14.72 per cent in July-February (2023-24).

On a year-on-year basis, the imports for China witnessed an increase of 90.63 per cent from US $601.189 million in February 2023, against the imports of US $1146.087 million in February 2024.

On a month-on-month basis, the imports from China into the country however witnessed nominal decline of 2.65 per cent during February 2024, as compared to the imports of US $1177.373 million during January 2024, according to the data. The overall imports into the country witnessed a decrease of 8.76 per cent, from $37.354 billion to US $34.079 billion, according to the data.